Listed by Matthews
$2,280,000
2816 Pillsbury Ave
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 16,100
Units 23
Cap Rate 8.27%
NOI $188,649
Price per SqFt $142
Year Built 1964
Year Renovated 2024
Multifamily | 23 Units | $2,280,000
Marketing description
- Recent Capital Improvements – Part of the roof replaced in 2024, new boiler installed in 2024, and water heater replaced in 2019, reducing near-term capital expenditure needs.
- Unit Upgrades Underway – 13 of 23 units feature updated kitchens and bathrooms, supporting strong market rents and future upside.
- New Windows in Select Units – 4 of the 23 units have brand-new windows, improving energy efficiency.
- Balconies for Majority of Units – 14 of 23 units include private balconies, enhancing tenant appeal and retention.
- Off-Street Parking for All Units – Dedicated off-street parking available for all 23 units, a strong amenity in this submarket.
- Prime Location Near Retail & Transit Corridors – Conveniently located near Lake Street retail hubs and major highways, providing easy access to shopping, dining, and commuter routes.
- Strong Rental Market Fundamentals – Market rents in the area support continued growth and long-term investment stability.
- Month-to-Month Leases – Flexible lease structure allows new ownership to quickly reposition rental rates and optimize operations.
- Stable Occupancy – Historically strong occupancy with low year-to-year vacancy, providing reliable cash flow.
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$188,649.00
$15,720.75/mo
Valuation Metrics
0
DSCR
8.27%
Cap Rate
8.27%
ROI
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