Listed by Paragon Real Estate Advisors
$2,525,000
Monterey Apartments
Details
APN 643050-0075
Property Type Multifamily
Sub Type Apartment Building
Net Rentable (SqFt) 7,310
Units 13
Cap Rate 5.65%
NOI $142,719
Pro-Forma Cap Rate 6.18%
Pro-Forma NOI $156,041
Year Built 1929
Buildings 1
Stories 3
Lot Size (SqFt) 4,197
Zoning NC2P-55 (M)
Investment Type Value Add
Multifamily | 13 Units | $194,231/unit
Investment highlights
- 13 units: (6) large studios, (6) one-bedrooms and (1) 1,250 SF two-bedroom + den
- Trophy “classic brick” building with old-world character and craftsmanship
- Well-maintained and tastefully updated building with very low historical vacancy
- Freshly updated common areas with new carpet and paint
- Apartments 1 and 3 have been renovated with
- Updated electric panels in 8+/- units
- Views of Green Lake and surrounding territory from upper floor units
- Opportunity to increase income and add value:
- Excellent Greenwood location: Walk Score of 94
- Potential to convert the street level units to retail/commercial space
Listing Contacts
Listed by Paragon Real Estate Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$142,719.00
$11,893.25/mo
Valuation Metrics
0
DSCR
5.65%
Cap Rate
5.65%
ROI
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