Property Description

Income-producing property with value-add potential! This renovated 6-unit apartment complex offers investors an opportunity to acquire an established rental property with major improvements already completed. Tucked back off the street, the complex provides a quiet, private setting with a diverse unit mix consisting of three 2-bedroom apartments, two 1-bedroom apartments, and one studio apartment. All six units have undergone extensive renovations, including updated electrical panels, plumbing, mini-split HVAC systems, kitchens, bathrooms, flooring, sheetrock, and fixtures throughout. These substantial improvements may help reduce some of the immediate capital expenditures often associated with older multifamily properties. The property also features an on-site laundry room equipped with 2 washers and 2 dryers for tenant convenience. Currently 5 of the 6 units are occupied, providing immediate rental income with an opportunity to increase occupancy by leasing the remaining unit. The property currently generates approximately $18,000 in annual gross rental income, with additional value-add potential through increased occupancy, future rent optimization, and the possible renovation of additional space into rental units, subject to zoning, permitting, and building requirements. For an investor looking to expand a rental portfolio or enter the multifamily market, this property offers an attractive combination of existing cash flow, extensive completed renovations, multiple unit sizes, and future growth potential. Much of the heavy lifting has already been completed-leaving the next owner an opportunity to build upon an established property and further maximize its income-producing potential.

Property Features