Incredible opportunity to own an asset already generating an 8.5% cap rate with room to improve. These properties were once used as
feed mills and converted into apartments in the 60's. onsist of 2 neighboring buildings. All 13 units are fully occupied and generating
just shy of $10k each month. Unit breakdown is as follows: (9)-2bed, (2) 3bed, (1) 1bed and (1) studio. Thanks to electric baseboards and
taxes at just $3600/year the expenses are very low- which means more profit for you. In 2022 they were around $35k/year and this year
they're expected to stay below $40k. Theres a huge opportunity to create additional value through updating the units and increasing
rents (although their current condition is in line with the market). There another huge opportunity to create value through taking
advantage of unused spaces. Theres an area that could be converted into a 14th unit, another area that would make for great private
storage ($$$) and an area that just needs an electric upgrade and some washer/dryers to become a laundry room that would generate
addition money and add an amenity. This value add property is already performed well above the standard cap rate with nothing but
opportunity for the next buyer to create more.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MLS NOW. Real estate listings held by brokerage firms other than Laronge Wagner Realty are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). Placester, Inc. does not display the entire MLS NOW IDX database on this website. The listings of some real estate brokerage firms have been excluded. Information is deemed reliable but not guaranteed. Updated: 2nd October, 2023 3:13 AM (UTC)
Listing Office: Keller Williams Citywide
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