Great cash flow property with excellent up side income potential.
Rare six unit building that backs to a nice park in a predominately single family home neighborhood. Five of the units have enclosed private back yards and there are several garage/storage units on the property. Four of the six units have been rented by the same tenant since before the building was last sold approximately sixteen years ago, and the other two units have each been rented by the same tenants for ten years, providing an extremely consistent revenue base. Property consists of a stand alone 1 bedroom alley house, 2 two bedroom units and 3 four bedroom (some bedrooms may be non-conforming) multi bath units.
Based on the current rents and 2025 actual insurance, RE taxes, and utility costs, the units are projected to currently produce $91,100 in net cash flow before maintenance expenses and debt costs. Current owner believes that there is a significant opportunity to increase the current rent rates in the units’ current condition, and a much more meaningful opportunity to increase the overall rents and cash flow by updating each unit. In addition, three of the units have separate entrances to the basement with potential to make separate additional apartments subject to zoning laws which Seller has not explored.
Each of the units would benefit by updating, some significantly, but the property is being sold as is in its current condition, although as noted below, Seller can provide financing to include financing updating costs.
Seller is willing to finance 80% of the purchase price and also 70% of approved updating costs for a qualified and approved buyer for up to nine months to allow a new buyer to potentially update units and improve the operating income before obtaining permanent financing. Asking price is for the property as is without any additional improvements or concessions paid for by the Seller.
Seller has requested a 7 day acceptance on all contracts.
