100% Leased, 6 Unit Apartment Building at 13.08% Cap
The Details
- 6,588 SF multi-family building
- Five 2 bed apartments
- One 3 bedroom apartment
- 100% leased building
- All units updated with individually metered electric and heat
- Building has full basement with potential to add storage or laundry
- New indoor/outdoor security cameras and window maintenance
- Gross Income: $62,520
- Est. NOI: $50,595 (12.84% cap)
- Land Area: 3,750 SF
- Located within the Auburn Gresham Bungalow historic district
- Zoning: RS-2
A 100% leased, six unit apartment building at the corner of 78th and Honore is available for sale. The building is divided into five 2 bedroom units and a three bedroom apartment. The building also includes a full unfinished basement which can potentially generate additional income by adding a laundry. All of the units have been updated with individually metered heat and electric. A new indoor/outdoor security camera system was added and the exterior wood seam on the windows has been replaced. The seller will also provide a substantial credit for future roof work. This property currently generates approximately $50,000 in net income with potential for a 45% cash-on-cash return.
Close to 79th and Ashland, this property is close to several schools, as well as shopping and dining options. This apartment building is in a stable area with many single family homes and two flat apartment buildings nearby.