The subject property consists of five 1B/1B and one large studio; the total building size is 2,763 SF, well situated on a large 8,183 sf lot. All 6 apartments are leased and in overall excellent condition. Most of the units have been renovated in last 2 years including new bathrooms, flooring, paint, impact windows, and new roof.
The apartments are leased between $700.00 -$900.00 per month, grossing $54,000 per year. After all expenses this property is netting $40,550 per year providing an investor with an 5.00% actual capitalization rate at full asking price. A new owner can increase current rents to $950-$1,150 per month which would raise the net income to $66,350 per year providing a 8.84% capitalization rate on a pro-forma basis.
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