Price dropped for a quick, as-is 2025 closing! This is a turnkey, 100% occupied complex with value-add opportunity.
All 18 units in 2 turnkey buildings are occupied & generating excellent cashflow - 2024 NOI was $100,000+++. Plus, there is an opportunity to make this 18-unit into a 24-unit if desired! The (4) 4-bed / 2 ba units could easily be reconverted back into 8 units, plus 2 units could be recreated in the lower level to make 24 units, as originally designed. Gated complex w/ parking. New roofs on both buildings. New sewer lateral line. Units have already been renovated but could be made even nicer for higher rents. There was a small fire a couple years ago that affected 2 units; both have been fully remedied and renovated, with proper permits. Contractor bids for ~ $450,000 to convert back to 24-units, add storage lockers & 2 coin laundry rooms (in each building's lower level) to increase cashflow, completely remodel all units, and update some mechanicals. All of that could be deferred or entirely skipped. The options are endless. Slam dunk on cashflow. Owner selling due to living out of state. Landlord pays trash, water & sewer. Tenants pay power.
Offers should include:
1. Closing in 2025
2. Upfront $3,000 nonrefundable earnest money and additional $7,000 nonrefundable earnest money after satisfied Inspection Period
3. $700,000+ purchase price
