CAP >16% at full occupancy; A+++ location
The Brief:
Oakmont 9-unit turn-key package-of-three – 8/9 rented, at “grandfathered” rates; next buyer can collect modern-day profits:
- some tenants there since 1980s – they + the owners are moving on
- current owners emphasize “Rents are extremely low for the area.”
- rents will nicely progress alongside area popularity
Notes:
- all hot water tanks (7) replaced in past ≈5 years
- most are forced air
- College Ave. converted from boiler in 2007 (92% efficiency unit)
- other furnaces replaced 2013; 2014
- 4/5 5th St. units are electric baseboard heat
- all 1-2 blocks from main drags / walkable
- eg, Oakmont Bakery & Tavern, Riverside High, The Oaks Theater
- duplexes have large units (nearly 6,000 sq. ft. across them)
- all current tenants are solid
#s:
- current cap (per actual 2018 expenses): 5.75% at 8/9 occupied; 7.00% @ 100% occupancy
- cap @ full as-is rental capacity: 16.77% @ 5% vacancy (perhaps up to 20.28% / $106.5k NOI if opt to update)
______
- current asking price: $525k
- current value: $635k
- ARV: $700k+
Specs
408-410 College Avenue, 15139: 3,116 sq. ft. Duplex
- 7BR/3.5BA – side-by-side
- 1 – 4/2.5
- 1 – 3/1
- 3-car garage (rented)
- tenants pay full utilities
671 5th Street, 15139: 5-unit
- five 1BRs; varying sizes
- 1 tenant acts as caretaker – might want to keep him!
- tenants pay electric (1 pays gas)
507 Washington Avenue, 15139: 2,722 sq. ft. Duplex
- 5BR/2BA – up-&-down package
- 1 – 2/1
- 1 – 3/1
- 1 recently vacant; other to be vacated soon
- tenants pay full utilities
- Taxes: $10,513 (3433+3933+3147)
- Electric: Updated
- Plumbing: Updated
- Kitchen: Sufficient (all)
- Bath: Mostly updated
- Roof: Good shape (all)
- Furnace: All newer
- Hot Water Tank: All <5 yrs old
- Windows: Double-paned
- 671 5th St: (5) 1 BR / 1 BA | 408-410 College Ave: (1) 4 BR / 2.5 BA ; (1) 3 BR / 1 BA | 507 Washington Ave: (1) 2 BR/ 1 BA; (1) 3 BR / 1 BA
- Parking: Off-street (3-car garage); on-street
- Rental Income: $4,440/mo
- Rental Potential: $9,750+/mo