Property Type:
Residential Income
Square Footage:
17,700
Lot Size (sq. ft.):
28,750
Status:
Closed
Current Price:
$2,120,000
List Date:
12/10/2018
Last Modified:
1/21/2020
Overview
Description
Gated community with 29 units, two downtown parking lots, laundry facility and three x 2 car garages plus a management office.
Measures of investment performance at ask price of $2,120,000 and current average rent of $615 are a GRM of 10.20, a 6.82% cap rate, $73,103 per unit, $104/sf. If rents are raised to market average of $856, measures of investment performance increase to a GRM of 7.12, and a 9.63% cap rate.
Recent downtown rent survey on pages 8-12. Owners are currently renovating unit 28 with an anticipated market rent of $850.
Note recent improvements – new roof is being installed, high speed property wide wi-fi internet, and three units undergoing upgrades and rent increases as we speak.
Need to close quickly? - check out what this property has done:
- recent i
Last Updated: January - 21 - 2020
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