Listed by Bridgewater Realty Advisors
$1,350,000
16 Unit Complex with Rental Upside
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,429
Net Rentable (SqFt) 6,429
Units 16
Cap Rate 9.00%
NOI $121,179
Occupancy 94%
Pro-Forma Cap Rate 10.00%
Pro-Forma NOI $133,534
Price per SqFt $210
Broker Co-Op Yes
Class C
Year Built 1980
Buildings 1
Stories 2
Lot Size (SqFt) 6,900
Investment Type Value Add
Occupancy Date 03/12/2026
Recently Renovated with Rental Upside
Marketing description
9% cap on actuals, one vacancy when filled brings property to 10% cap. Over $250,000 in renovation work completed in past year including all new underground plumbing, interior renovations to ~3/4 of units including flooring, Sheetrock, paint, appliances, complete bathroom renovations, etc. Metal roof in great shape with all new screws and foam. New shed for maintenance storage. Security cameras. 15/16 units occupied leaving room to grow rent roll and increase value. Gross monthly rents currently over $17k/month, will be over $18k/month at 100% occupancy. All vouchers are 1 bedroom which leaves even more room to increase cash flow by getting the 10 2 bedrooms up to 2 bedroom vouchers. All financials in attachments. Agent/Owner
Listing Contacts
Listed by Bridgewater Realty Advisors
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$121,179.00
$10,098.25/mo
Valuation Metrics
0
DSCR
8.98%
Cap Rate
8.98%
ROI
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