3550 Montclair
Updated 16-unit Apartment Building w/ Value-add Opportunity
Marketing description
**INVESTORS** This is your opportunity to add to your portfolio an updated 16 unit brick apartment building that has 7 of the 16 units occupied! All units are 1-bed, 1-bath. The property was significantly updated in 2022, with updates including:
All-new windows
New roof
2 new boilers and HWTs
Some updated electrical and plumbing
5 of the 16 units were completely remodeled w/ updated kitchens and bathrooms
Remaining 11 units have had rental turnovers completed!
Best of all, this is both a turn-key and value add property, as the front half of the basement has space to add 5 units and has been gutted in preparation for the new owner to begin the work; this value-add's potential cash-flow is NOT factored into our cap-rate projection. Each unit's electricity and cooking gas are metered separately while the owner pays for heating gas, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas.
Investment highlights
This is both a turn-key and value add property, as the front half of the basement has space to add 5 units and has been gutted in preparation for the new owner to begin the work; this value-add's potential cash-flow is NOT factored into our cap-rate. Each unit's electricity is metered separately while the owner pays for heating, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas.
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