The Bonnie Lee Inn is an excellent opportunity to make an incredible value-add investment. 56 rooms, composed of 47 SRO rooms, all with a sink in the room, 4 rooms with toilet and sink, and 5 rooms with toilet, sink, and shower. Two story property with shared toilets and showers on each level. Current rents are $350 weekly for the 47 standard rooms with sink, $400 weekly for the 4 rooms with sink and toilet, and $450 for the 5 rooms with sink, toilet and shower. At these rates at 100% occupancy, the property will gross $1,055,600 annualy. Monthly rates are $1140 for the 47 standard rooms with sink, $1340 for the 4 rooms with sink and toilet, and $1640 for the 5 rooms with sink, toilet and shower. At these rates at 100% occupancy, the property will gross $805,680 annualy. Proforma revenue listed is at weekly rates and 100% occupancy. Proforma expenses are based on property taxes at sale price of $4,480,000 and 1.25% tax rate, plus $300 per room monthly for utilities, plus an additional $10,000 per month in other expenses. The owners are rarely on site, and the property is managed by a resident, who only leases to people who call from the sign on the building. The owners do not advertise anywhere except for the sign on the building. The owners previously installed toilets in all roms in the closet, but the city required them to undo the process and get permits if they wanted to keep them. A new owner could go through the process and have toilets in all rooms, generating an additional $50 per week for the 47 rooms with no toilet, increasing revenue an additional $2350 per week, or $122,200 per year. This property is operating more like an apartment building than a hospitality property. A new owner can easily increase occupancy which will fund cosmetic updates. Possible owner financing with 30% down payment.