Description
Rare opportunity to own a well maintained 8-unit apartment building. All units are identical 2 bedroom/1 bathroom, just shy of 1,000 square feet each. The entire roof is only 2 years only & about 80% of all hot water tanks and furnaces are 1 year old. Current owner has put in a lot of CapEx into the property with no deferred maintenance at play here. Each tenant pays for their own gas/electric and has their own hot water tank and furnace. In the basement there is a coin operated washer/dryer set for additional income that conveys and is tied into the 9th house electric meter. Brick exterior is facade not structural. Property on the sides ends at the driveway coming up and the fenced in grass area. Plenty of parking out back for the tenants with the newly paved parking area. Great opportunity to bring rents up to market rate of $1,050+ per unit. NOI is currently $63,965, offering this property at a 9.84% cap rate based on the current pricing guidance. NOI at market rents would be $72,880 or a 11.21% cap rate. Property is ran extremely efficiently and brings in strong cashflow.
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8BEDS
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0.38ACRES
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0BATHS
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01/2 BATHS
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9,000SQFT
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$72$/SQFT
Description
Rare opportunity to own a well maintained 8-unit apartment building. All units are identical 2 bedroom/1 bathroom, just shy of 1,000 square feet each. The entire roof is only 2 years only & about 80% of all hot water tanks and furnaces are 1 year old. Current owner has put in a lot of CapEx into the property with no deferred maintenance at play here. Each tenant pays for their own gas/electric and has their own hot water tank and furnace. In the basement there is a coin operated washer/dryer set for additional income that conveys and is tied into the 9th house electric meter. Brick exterior is facade not structural. Property on the sides ends at the driveway coming up and the fenced in grass area. Plenty of parking out back for the tenants with the newly paved parking area. Great opportunity to bring rents up to market rate of $1,050+ per unit. NOI is currently $63,965, offering this property at a 9.84% cap rate based on the current pricing guidance. NOI at market rents would be $72,880 or a 11.21% cap rate. Property is ran extremely efficiently and brings in strong cashflow.
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Listing information © 2023 CNYIS, GENRIS, WNYREIS. Listing provided by Dante Belmonte of Hunt Real Estate Era : .