10/21/2024
Who might be interested in buying an 8 Family apartment deal?
8UNITS 9.25% CAP RATE
OFFERED AT $775,000
UNIT BREAKDOWN : FOUR HUGE SHOTGUN 1 BEDROOM UNITS, EACH WITH 5 ROOMS TOTAL, BEDROOM, BATHROOM, KITCHEN, AND
LIVING/DINING ROOM. ONE WALK IN CLOSET AND ONE SMALLER CLOSET, BACK PORCH/DECK AND HUGE SHARED BACK YARD. MODESTLY
RENOVATED BETWEEN 2016-2017. 4733 1FL IS A FURNISHED RENTAL EARNING $1500/MONTH (VIDEO) AND HAS BEEN NEARLY BACK TO
BACK RENTALS FOR 4 YEARS.
TENANTS: ALL TENANTS ARE CURRENT
ROOF: REPLACED WITH 15 YEAR WARRANTY 2024
SEWER: ALL PVC SEWER WAS VERIFIED IN 2016 AT PURCHASE.
HVAC FORCED AIR /CENTRAL FURNACES ARE OLDER BUT HAVE BEEN REGULARLY MAINTAINED
PLUMBING:NO KNOWN / OBVIOUS ISSUES.
APPLIANCES TENANT USED, LANDLORD OWNED APPLIANCES STAY, ALL HAVE 4 PIECE APPLIANCE SETS, DISHWASHER, MICROWAVE,
REFRIGERATOR AND RANGE. 4733 1FL ALSO INCLUDES A WASHER DRYER SET IN BASEMENT.
BASEMENTS: SEPARATE BASEMENTS WITH WASHER DRYER HOOKUPS FOR TENANTS. TWO SMALL UNUSED STORAGE SPACES COULD BE
RENTED IN THE FUTURE TO INCREASE INCOME
PARKING: STREET PARKING. THERE IS A 2CAR GARAGE CURRENTLY USED FOR OWNER STORAGE, WITH A WORKING GARAGE DOOR. COULD
BE RENTED FOR STORAGE FOR ADDITIONAL INCOME, OR TO TENANTS FOR PARKING. FENCED BACK YARD.
UNIT BREAKDOWN : FOUR HUGEUNITS,UPDATED IN 2020, EACH WITH OPEN KITCHEN/LIVING AND ONE BEDROOM IN THE BACK OF THE
UNIT.
SECOND FLOOR APARTMENTS HAVE A BEDROOM IN THE FRONT FOR 2 BEDROOMS. ONE WALK IN CLOSET AND ONE SMALLER CLOSET,
BACK PORCH/DECK AND HUGE SHARED BACK YARD.UPSTAIRS UNITS HAVE A THIRD CLOSET ABOVE THE STAIRS IN THE 2
ND BEDROOM. ONE
UNIT (4737 ALASKA 2F EXPERIENCED A FIRE IN 2022 AND HAD ALL WIRING REPLACED, ALONG WITH SOME DRYWALL AND COSMETIC
ADJUSTMENT. MAJOR DAMAGE WAS SMOKE OR WATER. FIRE WAS TENANT CAUSED, INTENTIONAL, NOT A FAULT OF LANDLORD)
TENANTS: ALL TENANTS ARE CURRENT, FULLY OCCUPIED
ROOF: ROOF RESTORED 2019-20 WITH A 15 YEAR WARRANTY.
SEWER: 2024 ALL SEWER WAS REPLACED UNDERNEATH THE BUILDING AND OUTSIDE TO THE CITY MAIN,NEW SEWER STACKS AND LAUNDRY
DRAINAGE ADDED. RECEIPTS
HVAC FORCED AIR
PLUMBING:NO KNOWN / OBVIOUS ISSUES.
APPLIANCES TENANT USED, LANDLORD OWNED APPLIANCES STAY, ALL HAVE 4 PIECE APPLIANCE SETS, DISHWASHER, MICROWAVE,
REFRIGERATOR AND RANGE.
BASEMENTS: SEPARATE BASEMENTS WITH WASHER DRYER HOOKUPS FOR TENANTS.
PARKING: STREET PARKING. THERE IS A 2CAR PARKING PAD, FENCED BACK YARD.
Gross Income $85,680 $91,620 RATE
Taxes: $3,309.00 $3,309
Sewer: $4,120 $4,120
Water/Refuse $3,528 $3,528
Insurance: $2,667 $2,667
TOTAL $13,624 $13,624
Net Income: $72,056 $77,996
Cap Rate 9.30% 10.06%
Co at 25% down 37.19% 40.26%