01/23/2023
Many units under-rented. Most tenants 20+ years occupant.
21 units 1 Beds I 1 Bath apartments
Asking Price: $1.2M !!!
Built 1940 | 95% occupied
Main Street visibility. There is a massive microchip manufacturing plant being built right near this building that is slated to bring 50,000 high paying jobs over the next few years. Big opportunity for value add and rent increase. Property management owned, units are well maintained.
Most units are under-rented and dated since most residents are long term tenants. You can raise rent up to $950 if desired. Seller offers to continue to manage it for the buyer as well if interested. They have 18 full-time employees, managers, maintenance, and skilled contractors. He offers his services for 10% of rent. Monthly rent is $16,125.
All separate electric and gas meters. Flat fee for water bill and is paid by tenants. A lot of new water heaters, newer roof, all vinyl exterior. All mechanicals in good shape.