Unique 100% occupied 8-unit two-story Multi-Family Apartment housing on ±0.23 Acres (±10,019 SF) of land. Healthy existing cash-flow as well as the opportunity for a private unit for yourself. Property consists of two 2-story structures that is a total of ±5,351 SF: (8) units with a mix of (2) 2 bed/1 bath, (2) 2 bed/1.5 baths, (2) studios and (2) 1 bed/1 bath. The 8th unit is a small cabin-style (with a wood burning fireplace) and has a large fenced-in yard, landscaped with auto sprinklers, and very well maintained. Each unit is in good condition and access to laundry. The apartments are located in a very strong, limited rental market with many barriers to entry. The immediate neighborhood is quiet and primarily single family residential, with a prime location off the main arterial. Spacious units, lighted secured parking, and exterior lighting throughout the community. The property is within blocks of elementary schools and abundant shopping/restaurants.
Value Add consists of slowly getting the long-term tenants up to market rates, and collecting actual cost of utilities. First, the current rents are far-below market rates due to the current ownerships laissez-faire operating style. "2020 Profrorma" increases were only $150 per unit, however, market lease rate indicators show higher rent growth potential. Secondly, the current utility rates charged for a studio, 1-bedroom, and 2-bedroom are $20, $30, and $40, respectively; however, the actual costs are $65, $75, and $105 respectively. Additional revenue can be realized from charging for the existing laundry systems in place.
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