Listed by Harvey Lindsay Commercial Real Estate
$1,500,000
Turnkey 12 - Newmarket Apartments
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 950
Net Rentable (SqFt) 11,400
Units 12
Cap Rate 7.25%
NOI $108,767
Occupancy 100%
Broker Co-Op Yes
Class B
Year Built 1966
Buildings 1
Stories 2
Acreage 0.480
Zoning C2
Parking Spaces 12 spaces
Parking Per SqFt 12.63
Investment Type Stabilized
Sale Condition 1031 exchange
Fully Leased and Renovated Apartment for Sale
Marketing description
This updated 12-unit multifamily property offers a rare combination of immediate income, extensive recent upgrades, and long-term value. With a strong rental history and five stable Section 8 tenants, investors can enjoy consistent returns from day one. Fully leased.
This property offers an excellent blend of stable income and minimal future capital expenditure needs thanks to comprehensive recent improvements. The strong in-place cash flow, plus potential to further increase rents or fully lease remaining units, makes this a standout opportunity in today’s market.
Investment highlights
- 10 Units with new bathrooms
- Brand New HVAC in all 12 units (2025)
- 8 Units with Newer Water Heaters
- 8 Units with New Carpet
- Freshly painted stairs & walkways (2024)
- Main pipeline to street replaced (2022)
- Parking lot resurfaced & new fence (2022)
- On-site security system
- Operating Expenses
- Water & Sewer & Trash: $80/unit/month
- Annual Maintenance expense: 20% or less of gross income
- Tax: $8,968/year; Insurance: $2,688/year
- Strong, reliable income with Section 8 stability
- Major capital improvements completed - minimal future costs
- Excellent cash flow & turnkey condition
- Value-add potential with remaining lease-up
Listing Contacts
Listed by Harvey Lindsay Commercial Real Estate
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$108,767.00
$9,063.92/mo
Valuation Metrics
0
DSCR
7.25%
Cap Rate
7.25%
ROI
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