Property Type:
Residential Income
Square Footage:
12,954
Lot Size (sq. ft.):
31,363
Status:
Closed
Current Price:
$1,625,000
List Date:
7/23/2024
Last Modified:
2/18/2025
Overview
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
Last Updated: February - 18 - 2025
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers' personal, non-commercial use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Lead-Based Paint Addendum_Skylight ›