Added Value!
Price reduction!!
couple of the building need new roof, and paving of the interior driveway and landscaping maybe needed,
low rent only $500.00 per units per month, each pays there own utilities, zoned as individual Townhomes
Each unit is 2 bedrooms and 1.5 bath 2 story, fireplace, living, dining room, area, breakfast bar, laundry area, patio storage shield.
Each unit about 1100 sq ft
Rent for a averaging for 1 bedroom 1 bath $700.00 average for 2 bedroom and 1 bath $ 800.00
lots of upside potential, I proforma at a rent of $675.00 per month
Asking $2,100,000
Proforma cap rate 8.86%
More:
Also been talking with the mapping department and planning these unit could be sold individually in the future with by a new survey, there would be some work involved like , survey the whole property for a subdivision and then each individual unit, CC&R’s however might be a nice benefit in the future.