Price Range: From to

Description

Well maintained, with some updated kitchens.

This property used to be zoned for 6 apartments.  It has been used by a fraternity, who downzoned the property to 5 dwelling units so they could use the first floor front apartment as community space.  The fraternity is now renting all 6 apartments, even though the property is zoned for 5.  I can help get through the process to rezone the property for 6 apartments.

Two 200-Amp service cables and all circuit breaker electric provides plenty of power to this building.  Central gas-fired hot water radiator heating system.  Full unfinished basement has a full size washer and dryer for tenant use.

2 off-street parking spaces in the rear offer additional revenue source.

SUMMARY:
$445,000   Offering
$89,000   per unit
$129  per sq.ft.
6.5  times Gross Annual Rent
9.9%  Cap Rate
14% projected cash-on-cash return on investment

Address

  • Country: United States

Detail

Updated on April 15, 2019 at 2:35 pm

  • Price: $445,000
  • Units: 6
  • Property Status: For Sale - COMP

Contact info

Ben Frederick Realty
Ben Frederick Realty

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