OPPORTUNITY: The in-place rents are far below market. A future buyer can increase revenue by bringing the rents closer to market. Current market rent is estimated to be $1,600 per month. The pro-forma cap rate is 4.7% and the pro-forma GRM is 15. PROPERTY DESCRIPTION: This is a very well located apartment project improved with six studio units in two separate structures. The project was built in 1958 and there are a total of six off-street parking spots. Five of the six apartments have been renovated. The non-renovated unit is clean and in good rentable condition. The units are easy to lease and the project seldom has vacancy. On average the units are 448 square feet each (totaling 2,685 square feet). The property has an on-site laundry room and a coin operated washer & dryer. The Landlord pays for water and the tenants pay all other utilities direct to the provider.
Listing courtesy of Willis Allen Real Estate
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