Description
HERE IS A FULLY OCCUPIED 4 UNIT building 2, 2 beds and 2 1 beds. All tenants are section 8 Everyone is on 12 month lease. The landlord pays for water/sewer, oil heat (forced hot air) for B side and gas hot water baseboard heat on A side. Landlord pay?s for hot water on B side and tenants have sub metered electric hot water heaters on A side. All 4 units are sub metered for electricity. Landlord pays for heat and hot water. Tenants pay electric. There is a walk up attic on 3rd floor that could be converted to another 1-2 bedrooms on each side, which would increase the size of the 1bed apts to 2 bedroom apts and increase the rent to $1500. HUD sec 8 market rents for 2 bedroom are $1530 or $1268 for 1 bedroom, so there is ability to increase rents. If you see market rents, the cap rate goes to $10% and cash on Cash 23%. units are always occupied and rent very quickly. Owner has done apt upgrades to all apartments which include new appliances, replaced some doors/windows, flooring, paint, drywall, electrical upgrades, bathroom upgrades and kitchen upgrades with new cabinets, countertops. Very low maintenance responsibilities with no common areas.
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6BEDS
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0.08ACRES
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4BATHS
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01/2 BATHS
School Ratings & Info
Description
HERE IS A FULLY OCCUPIED 4 UNIT building 2, 2 beds and 2 1 beds. All tenants are section 8 Everyone is on 12 month lease. The landlord pays for water/sewer, oil heat (forced hot air) for B side and gas hot water baseboard heat on A side. Landlord pay?s for hot water on B side and tenants have sub metered electric hot water heaters on A side. All 4 units are sub metered for electricity. Landlord pays for heat and hot water. Tenants pay electric. There is a walk up attic on 3rd floor that could be converted to another 1-2 bedrooms on each side, which would increase the size of the 1bed apts to 2 bedroom apts and increase the rent to $1500. HUD sec 8 market rents for 2 bedroom are $1530 or $1268 for 1 bedroom, so there is ability to increase rents. If you see market rents, the cap rate goes to $10% and cash on Cash 23%. units are always occupied and rent very quickly. Owner has done apt upgrades to all apartments which include new appliances, replaced some doors/windows, flooring, paint, drywall, electrical upgrades, bathroom upgrades and kitchen upgrades with new cabinets, countertops. Very low maintenance responsibilities with no common areas.
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Data last updated 2023-06-05T18:46:51.993.