Photo 1 of 43
$1,475,000
Beds |
Baths |
Sq. Ft. |
Taxes |
Built |
|
0.00 |
0 |
$4,040 |
1987 |
On the market:
86 days
|
View full details, 15 photos, school info, and price history
FULLY LEASED ON A NNN ABSOLUTE LEASE ( 3 years)
This meticulously upgraded 8-unit apartment complex offers a unique investment opportunity or a versatile property for various uses. The building features a comprehensive renovation and several high-quality enhancements, positioned in a competitive rental market.
**Unit Mix:**
- **6 Units:** 1-bedroom apartments
- **2 Units:** 2-bedroom, 1-bath apartments
- **1 Office Unit:**
SEE Supplement **Renovations & Upgrades:**
- **Apartment Upgrades (Rehabbed in 2024):**
- **Units 1-7:** Thoughtful updates include new flooring and completely remodeled bathrooms. **Apartment 1** features the most extensive renovations, including full wall and flooring replacements.
- **Bathrooms:** All bathrooms have been remodeled with new flooring, plumbing, toilets, showers, tiling, and cabinets. Each renovation cost approximately $12,000 per apartment.
- **Office/Storage Space (Purple Door):**
- **Building Addition:** Added for approximately $100,000, this versatile space can be used for office purposes or additional storage.
- **Exterior Enhancements:**
- **Brick Patio:** Installed in 2019 at a cost of $15,000, featuring TV and power outlets for enhanced tenant enjoyment.
- **Security Gate:** Added in 2015 for $5,000, providing additional security.
- **New Brick Wall:** A $5,000 investment for added privacy and security between the property and 801 E Dunlap.
- **New Mailboxes and Stand:** Installed in August 2024 for $500, providing a fresh and organized mail solution.
**Property Features:**
- **Laundry Room:** Convenient on-site laundry facility.
- **Storage Units:** Two storage units are included with the property.
- **Tenant Amenities:** All units come equipped with microwaves, refrigerators, and stoves.
- **Gated Property:** Added security and privacy for residents.
- **Vacant Property:** Currently vacant to allow for diverse use options, such as a sobriety house or rental for cash flow.
**Investment Potential:**
With recent extensive renovations and a range of enhancements, this property is ideal for a variety of uses. Its current vacancy allows for flexible applications, whether for immediate rental income or specialized uses.
**Buyer Information:**
- **Note:** Buyers must confirm all facts and figures to ensure accuracy.
Listing courtesy of Linda Gerchick, Gerchick Real Estate