Fully occupied 6 units, with mostly long-term tenants. All units are 2 Bed/1 Bath. Massive attic space to create more finished space or duplex-up the top units. The Interior of the units is vintage. A new roof was done 10 years ago, windows are about 8 years old. No basement, the lower level is finished and both units are legal. Tenants are all month to month, except one. The average rent is $750.
The building sits on a nice quiet extra-wide street on 31st, great for street parking. Properties are being renovated and built quickly in every direction, and this building is primed for new beginnings.
In this market environment, value-add opportunities in trending neighborhoods don’t come up often, so grab this deal while you still can!
Details:
Brick
6-Unit
All 2 Bed/1 Bath
100% Occupied
Building Size: 3,235 sq ft
Lot Size: 2,976 sq ft
Property Taxes: $6,886 (2018)
Built: 1885
Garage: Detached 2-Car Brick
Zoning: RS-3
Average Rent: $750
Monthly Rent: $4,500
Annual Rental Income: $54,240