Bender Apartments
Mixed Use | 15.05% CAP | 3,672 SqFt
Marketing description
Property Overview
Unit Breakdown and Rental Details
The property comprises a total of 7 units. Among these, there are 4 one-bedroom apartments, each renting for $500 per month, with utilities included. These units have been updated in recent years. Additionally, there is one two-bedroom apartment located on the main floor, which rents for $650 per month. In this unit, the tenant is responsible for paying gas and electric charges.
Retail Storefront Units
The property also features 2 retail storefront units situated on Main Street. Both units are currently vacant. One of the units is ready for a new tenant, while the other requires painting and new flooring before occupancy. Each retail unit has the potential to rent for $400 per month, with tenants responsible for paying their own electric bills.
Building Upgrades and Improvements
This is an older building that has received significant upgrades over the past 15 years, including electrical and plumbing improvements. A newer sewer line was installed when the property was purchased 20 years ago. Most windows were replaced approximately 4 years ago, enhancing energy efficiency and comfort for tenants.
Location and Nearby Amenities
The building is located in a prime downtown location. It is conveniently situated across the street from a pharmacy, just one block away from a grocery store, and five blocks from both a general doctor's office and a dentist's office, providing easy access to essential services for tenants and customers.
Investment highlights
Pricing & Financials
- Asking Price: $275,000
- Net Operating Income (NOI): $41,400
- Pro-Forma NOI: $26,697
- Price per SqFt: $810
Property Specifications
- Address: 1356 10th St, Gering, NE 69341
- Property Type: Mixed Use, Multifamily (Apartment Building)
- Total Square Footage: 3,672 SqFt
- Lot Size: 4,396 SqFt
- Total Units: 7
- Occupancy: 95%
- Year Built: 1890 (Renovated in 2000)
- Zoning: Downtown Commercial
Unit Breakdown
- 1-Bedroom Apartments (4 units): Rent for $500/month each (utilities included). Recently updated.
- 2-Bedroom Apartment (1 unit): Located on the main floor, rents for $650/month. Tenant pays gas and electric.
- Retail Storefronts (2 units): Located on Main Street. Both are currently vacant with a rental potential of $400/month each (tenants pay electric). One is move-in ready; the other needs paint and flooring.
Upgrades & Location
- Improvements: Significant electrical and plumbing upgrades over the past 15 years; newer sewer line (approx. 20 years old); Upstairs apartment windows replaced 4 years ago.
- Location Perks: Prime downtown location directly across from a pharmacy, 1 block from a grocery store, and 5 blocks from local medical and dental offices.
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