9-unit: (1) 4-unit + (1) 5-unit on one parcel
-current annual NOI: $38,052
-current CAP: 10.6%
-market rent: over $5,000
-on over ½-acre lot
Several long-term tenants. This property is located right across the street from Sharon High School & neighbors Sharon’s country club area(!).
There is a shortage of multi-family in this area so these apartments are a greatly sought investment.
(**possible partial owner-finance.)
Taxes LoW for what it is.
**01/2021 update: addition of the coin-op laundry is generating more income than anticipated!
Comps range from $34k → $68k/unit; this is right inline @the lower end, yet is ⅔-newly renovated & always rented.
*FULL expense, utility, rent roll, & rehab breakdowns available w/PoF
- two 2BR/1BA
- two studios
- two 2BR/1BA
- two 1BR/1BA
- one studio (small)
Just had over $68k put into rejuvenating 6 of units to have the same theme.
- 39 FEET to high school
- ⅕-mile to middle school
- all 3 elementary schools within ⅓ – ¾ mile
*Property is on a large lot which has plenty of room for storage.
*There are 2 parking slabs, 1 for each building. One shares a driveway w/the “super nice” next-door neighbor.
*Landlord has communicated raising rents w/the long-term tenants, who are prepared to discuss at their lease renewals.
*Tenants pay most utilities which are charged back through the leases; this is essentially a “wash” w/the utilities paid by the landlord.
*Most of the electricity comes from #94 which houses the laundry units. Coin-Op laundry was installed in October which measurably cut the water & electric usage.
*Gas & electric should further decrease as the tenants put the utilities into their names.
- Taxes: $4,035
- Electric: Updated; some newer
- Plumbing: Updated; some newer
- Kitchen: Newer (7); decent (2)
- Bath: Newer (6); decent (3)
- Roof: ±20 yrs old (both)
- Furnace: ±20 yrs old (all)
- Hot Water Tank: New in 2019 (all)
- Windows: Mixed
- Units: (4) 2BR/1 BA; (2) 1 BR/1 BA; (3) studio
- Floors: 2+
- Parking: Parking slabs (2; 1 for each building)
- Rental Income: $4,630/mo
- Rental Potential: $5,000 → $5,250/mo