7 Units, Fully Occupied, $82,620 Gross, $69,908 Net with a 9.64% Cap Rate at $725,00 Asking Price. The property consists of 2- two-bedroom and 5- one-bedroom apartments. There are two sides of a twin and a converted 3 story home, which feature highly efficient gas central air/heat. All tenants pay their own utilities. The property has been fully renovated and is fully occupied. The units include new kitchens and bathrooms, upgraded plumbing, new water heaters, new flooring, upgraded walls for better insulation & moisture resistance, newer roof, the entire building was re-pointed, new landscaping which included removal of large trees to ensure the safety of the property and tenants. 60% of the tenants are long term and there is a potential to increase the rents. There has never been an issue with vacancies due to the location of the property it draws a huge amount of interest.
All full-price offers will be protected with a 6-month warranty on plumbing, electric or any apartment related repair. The seller is will to stay on and continue to maintain the property at a discounted rate to ensure a smooth transfer for an absentee investor. The seller currently has one of the tenants maintaining the property in regards to the lawn & snow removal, this is a highly efficient way to handle this and the tenant is willing to continue doing this as he is getting a reduction on his rent.
