Listed by Brown Harris Stevens
$1,600,000
1062 Cypress Avenue
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,050
Units 4
Pro-Forma Cap Rate 6.60%
Pro-Forma NOI $104,984
Broker Co-Op Yes
Class B
Year Built 1950
Year Renovated 2023
Buildings 1
Stories 3
Lot Size (SqFt) 1,520
Zoning R6B
Investment Type Redevelopment
Ownership LOCAL
Multifamily | 4 Units
Marketing description
A 20’ wide vacant 4-unit two-story apartment building. The property has two duplex studio apartments on the first floor. The second floor is a three bedroom apartment. The third floor will be a one bedroom duplex apartments.
All the units have full kitchen & full bathroom, nice wood floors. They get great sunlight, the ceilings are ten feet, and the units are individually metered for cooking gas and electric. All the meters are in the basement.
Investment highlights
The property is a prime investment opportunity because all the units are free market and not subject to any rent regulations. An investor can renovate them and increase the rents. They can also give each tenant their own boiler and water heater. The property also makes a great user opportunity; a user can occupy the ground floor and convert it into a three-bedroom floor-through apartment. They rent out the second floor for income. They can also duplex the ground floor with the basement to create a duplex garden apartment.
Listing Contacts
Listed by Brown Harris Stevens
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