solid shell-of-a-4-unit on 4 lots w/new roof & 19% cap@ARV!!
Legal FourPlex/Quadruplex on 4 lots totaling 9,200 sq.Ft. / over ⅕ of an acre (bottom of Perry South @Central NorthSide border; near Manchester, Deutschtown/East Allegheny).
Gutted-to-studs w/new roof; property was a MESS a few years ago .. the *dirtiest* work = essentially done! Yep needs everything but it’s cheap, will return immensely, & it’s brick!
Seller just trying to break even in materials/labor.
Large 2BR units est. (or precisely) 1,085 square feet each.
- ≈3/4-mile from AGH .. ≈15-minute walk
- buses / public transportation everywhere; quite walkable otherwise
- get to Heinz Field, PNC Park, Highmark Stadium in minutes
- triplex on Reddour sold for $350k; this might not get to be worth that much, but can be scraping $300k’s
- walkout basement w/exposed brick +tall ceilings like the rest of the multiunit
- central heat
- SO much light .. while its many windows might be an expense, they’ll balance-out as a selling point for tenants
Put $125k in for ≈$199.5k TOTAL in for a 19% cap (or sxn.8 will still get you a 15% cap):
Triangle Tech, Aviary, parks etc. all right there; very easy access to universities
-Parking galore+no immediate neighbors to either side or the rear; adjacent inc. 3 vacant parcels used like a parking lot for tenants. Photo in reel shows them.
-Can put the 4 parcels on one deed & have a piece of land that’s pretty gigantic for the North Side (otherwise, vacant lot prices for the area can still fetch you a few thou$and each).
This renovated triplex sold for $270k on Perrysville Avenue: click
Possible monthly rent for 2021 (will obvs. continue the climbing trend it’s held for decades):
Perry South Market: $4,200
Sxn. 8: $3,460
- $865×4 (<<tenants pay gas+electric)
- Taxes: $1,340
- Electric: None
- Plumbing: None
- Kitchen: None
- Bath: None
- Roof: 5 yrs old
- Furnace: None
- Hot Water Tank: None
- Windows: Mixed?!
- Units: (4) 2BR/1 BA
- Floors: 2
- Parking: Parking “lot”
- Rental Potential: $4,200/mo