6 Units in Maywood
Extensively renovated with stable income, a 5.43% cap rate, and low future capital needs.
Marketing description
5113 E. 60th Place presents a rare opportunity to acquire a renovated six unit apartment community offered for sale for the first time in over 30 years. This well maintained asset combines stable cash flow with significant recent capital improvements, making it an ideal acquisition for investors seeking dependable income with limited near term capital expenditures.
The property consists of one two story building featuring an attractive unit mix of one 3 bedroom 2 bathroom unit and five 2 bedroom 1 bathroom units. Current gross income totals $10,061 per month ($120,732 annually), including additional parking income, and is offered at a 5.43% capitalization rate and a 12.38 GRM.
Recent improvements include a new roof, new exterior main electrical panel, new interior sub panels, fresh exterior paint, newly resurfaced magnesite balconies, upgraded code compliant handrails, completed SB 721 balcony inspection, and an on site laundry facility. The property also offers seven covered carport parking spaces and exhibits low deferred maintenance.
Investment highlights
Investment Highlights:
- First Time on Market in Over 30 Years
- 6 Unit Multifamily
- One 3 Bed / 2 Bath and Five 2 Bed / 1 Bath Units
- Current Gross Income of $10,061 per Month
- 5.43% Cap Rate
- 12.38 GRM
- New Roof
- New Main Electrical Panel & Interior Sub Panels
- Fresh Exterior Paint
- New Magnesite Balconies
- Code Compliant Handrails
- SB 721 Balcony Inspection Complete
- On Site Laundry Room
- Seven Covered Carport Parking Spaces
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