Exclusive investor opportunity!
Full side by side duplex converted into 4 units of apartment dwellings (city approved, all permits in place.) Roughly 1080 ft2 per side with a double detached garage and ample parking (6 stalls, can add a 7th.) All 4 living units have 3 bedrooms, 1 bathroom, and in-suite laundry.
Offered at $795,000
Current rents are:
Upper 28 - $1395 (until Aug. 31/18 – can provide new tenant if desired.)
Lower 28 - $1095 (lease ends Sept. 30/18)
Upper 30 - $1295 (lease ends Aug. 31/19)
Lower 30- $1050 (lease ends Aug. 31/19)
*All utilities paid for by the tenants – under the owner’s name and then split between up/down
Garage – $325 (until Sept. 1/18, then will increase to $350/month)
How does $5100+/month sound for current rents?
Buyer to assume all existing tenants, leases & deposits.
Hard costs (current) for all 4 units: Property Taxes (for both sides/all 4 units) = $6100/ year and Insurance (for all 4units) = $1425/ year
With current rents & expenses, based on $795,000 purchase gives ~6.7% cap rate (assuming no additional operations costs or financing.)
The property has been self-managed for ~16 years, so they do not pay property management or vacancy fund allowance etc. , meaning they have low cost of operation. Investors can operate with professional management, traditional financing, vacancy & repairs budgets, and still earn generous cash-flow.
List of upgrades (since 2010) include:
2010:
2014:
Full side by side duplex converted into 4 units of apartment dwellings (city approved, all permits in place.) Roughly 1080 ft2 per side with a double detached garage and ample parking (6 stalls, can add a 7th.) All 4 living units have 3 bedrooms, 1 bathroom, and in-suite laundry.
Offered at $795,000
Current rents are:
Upper 28 - $1395 (until Aug. 31/18 – can provide new tenant if desired.)
Lower 28 - $1095 (lease ends Sept. 30/18)
Upper 30 - $1295 (lease ends Aug. 31/19)
Lower 30- $1050 (lease ends Aug. 31/19)
*All utilities paid for by the tenants – under the owner’s name and then split between up/down
Garage – $325 (until Sept. 1/18, then will increase to $350/month)
How does $5100+/month sound for current rents?
Buyer to assume all existing tenants, leases & deposits.
Hard costs (current) for all 4 units: Property Taxes (for both sides/all 4 units) = $6100/ year and Insurance (for all 4units) = $1425/ year
With current rents & expenses, based on $795,000 purchase gives ~6.7% cap rate (assuming no additional operations costs or financing.)
The property has been self-managed for ~16 years, so they do not pay property management or vacancy fund allowance etc. , meaning they have low cost of operation. Investors can operate with professional management, traditional financing, vacancy & repairs budgets, and still earn generous cash-flow.
List of upgrades (since 2010) include:
2010:
- New dryer (lower 28)
- New stove (upper 30)
- New fridge (lower 30)
- 2 new furnaces (lower 30)
- 3 new ceiling fans & new bathroom faucet (upper 30)
- New washer (lower 28)
- New CO detectors (all 4 suites)
- New shingles on whole main building
- R50 insulation in all ceilings
- New concrete sidewalks front & back, both sides
2013: - New commercial grade washer (lower 30)
- New vertical blinds (lower 28)
2014:
- New shingles on the garage.
- New bathroom faucets (upper & lower 28)
- New low flush toilet (upper 28)
- New bathroom vanity (lower 28)
- New smoke alarms (all units)
- New hardwired smoke/CO alarms in hallways of all 4 units
- New parking stall created behind #6828
- New stacked washer/dryer (upper 30)
- Fire proofing of doors (mechanical rooms for 28 & 30)
- New hardwired smoke alarms (bedrooms & mechanical rooms for 28 &30)
- Removed doors between upper & lower suites (both sides) & replaced with drywall
- New ceilings (fire retardant) in lower units (lower 28 & 30) including bedrooms, mechanical rooms, bathrooms and hallways
