McLellan Realty
Listed by McLellan Realty
$1,600,000
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,040
Units 4
Cap Rate 5.60%
NOI $90,084
Stories 2
Zoning (FAR) R6B (2.0) Height Limit 75’
Multifamily | 5.60% CAP | 4 Units
Marketing description
A 20’ wide vacant 4-unit two-story apartment building. The property has two units per floor. They are all two-bedroom apartments they are located to the front and back of the building. All the units have full kitchen & full bathroom, nice wood floors. They get great sunlight, the ceilings are ten feet, and the units are individually metered for cooking gas and electric. All the meters are in the basement.
The property is a prime investment opportunity because all the units are free market and not subject to any rent regulations. An investor can renovate them and increase the rents. They can also give each tenant their own boiler and water heater. The property also makes a great user opportunity; a user can occupy the ground floor and convert it into a three-bedroom floor-through apartment. They rent out the second floor for income. They can also duplex the ground floor with the basement to create a duplex garden apartment.
The property is a prime investment opportunity because all the units are free market and not subject to any rent regulations. An investor can renovate them and increase the rents. They can also give each tenant their own boiler and water heater. The property also makes a great user opportunity; a user can occupy the ground floor and convert it into a three-bedroom floor-through apartment. They rent out the second floor for income. They can also duplex the ground floor with the basement to create a duplex garden apartment.
Investment highlights
- Location:
- West side of Cypress Avenue between Norman and Summerfield Streets
- Block: 3554
- Lot: 55
- Lot Size: 20’ x 76’
- Building Size:
- Basement: 20’ x 60’ irr = 1,025 sq. ft.
- Ground Floor: 20’ x 60’ irr = 1,025 sq. ft.
- 2nd Floor: 20’ x 60’ irr = 1,025 sq. ft.
- Stories: Two (2) Plus Basement
- Gross Square Feet: 2,050 (Approximately) Above Grade
- Zoning: (FAR) R6B (2.0) Height Limit 75’
- Total Buildable Sq. Ft: 3,040
- Total Available Air Rights: 990
- Assessment: $60,046 (22/23)
- Real Estate Taxes: $7,365.84
- Ground Floor
- 1F is a 2 Bedroom Apartment with projected rent of $2,200
- 1R is a 2 Bedroom Apartment with projected rent of $2,350
- Second Floor
- 2F is a 2 Bedroom Apartment with projected rent of $2,200
- 2R is a 2 Bedroom Apartment with projected rent of $2,200
- Monthly income = $8,950
- Annual Income = $107,400
- Projected Net Operating Income: $90,084.16 Cap Rate: 5.6%
Listing Contacts
McLellan Realty
Listed by McLellan Realty
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$90,084.16
$7,507.01/mo
Valuation Metrics
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DSCR
5.63%
Cap Rate
5.63%
ROI
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