Description
PRICE REDUCED! At a $70,000 discount, the revised in-place (Aug-24) cap rate is 6.23%. The Skylight Apartments satisfy common multifamily investment criteria: Well-below-market lease rates (45.08%), 100% 2 Bedroom-1 Bathroom units, fully renovated interiors, individually metered gas & electricity, minimal deferred maintenance, and an improving submarket. The four adjacent fourplexes include sixteen (16) sizable 2 Bedroom-1 Bathroom configurations (+/- 750 SF), which furnish in-unit washers and dryers (93.75%), vaulted ceiling skylights, private enclosed courtyards (75%), dishwashers, garbage disposals, and upgraded finishes.2014-2017 Improvements: Electrical, TPO Roofs, Plumbing, Windows, Interiors.Cap Rate: 6.23%Pro Forma Cap Rate: 10.02%Year-End 5 Valuation: $2,612,704
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2BEDS
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0.72ACRES
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1BATHS
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01/2 BATHS
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12,954SQFT
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$125$/SQFT
School Ratings & Info
Description
PRICE REDUCED! At a $70,000 discount, the revised in-place (Aug-24) cap rate is 6.23%. The Skylight Apartments satisfy common multifamily investment criteria: Well-below-market lease rates (45.08%), 100% 2 Bedroom-1 Bathroom units, fully renovated interiors, individually metered gas & electricity, minimal deferred maintenance, and an improving submarket. The four adjacent fourplexes include sixteen (16) sizable 2 Bedroom-1 Bathroom configurations (+/- 750 SF), which furnish in-unit washers and dryers (93.75%), vaulted ceiling skylights, private enclosed courtyards (75%), dishwashers, garbage disposals, and upgraded finishes.2014-2017 Improvements: Electrical, TPO Roofs, Plumbing, Windows, Interiors.Cap Rate: 6.23%Pro Forma Cap Rate: 10.02%Year-End 5 Valuation: $2,612,704
IDX information © 2024 The Southwest Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable but is not guaranteed accurate by The Southwest Multiple Listing Service or Sandi Pressley Team | Coldwell Banker Legacy. Data last updated: 2024-09-17T11:05:05.7.
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