Property Description

Renovated 12 unit multifamily (3 buildings, 4 units each) with a mix of 3 bedroom and 2 bedroom units.The property includes an on-site, income-producing laundromat with 8 machines generating an average of several hundred dollars per month. Utilities are individually metered, so tenants pay their own. The property is currently 67% occupied, with 8 of 12 units leased. Three 3BR/1BA units were recently leased at $950/month. Current in-place rent is approximately $6,650/month, with additional upside through the lease-up of the remaining vacant 2BR/1BA units and continued laundromat income growth as occupancy improves. Current ownership has maintained conservative tenant-qualification standards and has not been proactive with leasing, creating a clear opportunity for a new owner to improve occupancy and increase cash flow. The downstairs units were fully gutted and rebuilt with new doors, sheetrock, cabinets, and more. Major systems have been improved, including central HVAC systems installed within approximately the last 5 years, newer water heaters, and updated electrical panels, meter pans, and wiring in most units.

Property Features

Local Schools