Waller Group is proud to offer for Sale this 8 unit multi-family with a Reserve price of $860,000. Increasing rents to market rents will significantly increase the net operating income of this well-located quality asset. Property was completely redeveloped in 1997 to include new plumbing, electrical, CH&A, cabinets, appliances, and full renovation. The property has been self-managed from an out of town owner who is not actively involved in optimizing the property through annual rent increases. All 2 bedroom and 1 bedroom floorplans and condition are the same but rents vary greatly due to the long-term tenure of some of the tenants, including unit A which has not been renovated.
Rarely is an asset so well maintained in a premium location such as this is available to the market. The walkability to shops of Lakewood, Whole Foods, and White Rock Lake ensure a diversified and quality performing property for decades to come. Due to the high demand for the Lakewood location, new construction home pricing exceeds $1,000,000 per property within walking distance, the land value of the property exceeds $820,000 due to the favorable MF-2 zoning.
Property also qualifies for Waller Group Property Management to allow an absentee owner to reposition property to proforma income without active involvement. Property also qualifies for Fannie Mae non-recourse small balance loan with only 20% down, allowing the new owner to take advantage of agency financing locking in a long term loan and no recourse debt. See loan details for preliminary loan quote.
