Same owner since 1972, well maintained, rents however WELL below market value. 3 Units up front with 1 garage and 2 units at rear over 4 individual garages at rear. All units have their own garage. Plenty of additional parking at rear. Wide easy to navigate street with lower density due to no apartments across street. Realistic rents should be $1,500 for the 1 bedrooms and $1,800 for the 2 bedroom. Annual Income at these fair market rents would be $93,600. List price is then 11.8 x Gross Annual income. Cap Rate is a very favorable 5.1% if expenses are estimated at 40% of gross rents. This building will have outstanding cash flow with market rents. Leases are all month to month. Current rents listed are based upon January 2022 rent increases. Front unit is a HUD unit and owner has petitioned to have the $750 rent raised to fair market.
Same owner since 1972, well maintained, rents however WELL below market value. 3 Units up front with 1 garage and 2 units at rear over 4 individual garages at rear. All units have their own garage. Plenty of additional parking at rear. Wide easy to navigate street with lower density due to no apartments across street. Realistic rents should be $1,500 for the 1 bedrooms and $1,800 for the 2 bedroom. Annual Income at these fair market rents would be $93,600. List price is then 11.8 x Gross Annual income. Cap Rate is a very favorable 5.1% if expenses are estimated at 40% of gross rents. This building will have outstanding cash flow with market rents. Leases are all month to month. Current rents listed are based upon January 2022 rent increases. Front unit is a HUD unit and owner has petitioned to have the $750 rent raised to fair market.