Description
Once in a lifetime opportunity! Just under 8% cap rate! Legal 7 family complex on 1 acre lot completely renovated from foundation to roof within the last 2 years. Currently rented by non-for-profit organization. Rent roll - $22,440 monthly / $269,280 annual. 2% rental increase, five-year lease with one year into it. 6 studio apartments with bathroom and kitchen. One meter for six studios. Ductless heating and cooling, additional back up hot water, baseboard. Detached two bedroom house with full bathroom, separate meter,detached office with full bathroom, separate meter and ductless unit. Gated complex with enormous blacktop driveway. Property will provide immediate cash flow. Perfect for first time buying hold investor or professional investor. Incredible trophy asset for portfolio. Property recently appraised for 3.4 million. Seller potentially willing to hold note. Fantastic location off of Middle Country Road, close to stores, shopping, bus stops, and other multi family and development projects. Tenant pays all expenses except: taxes, insurance, yard maintenance and snow removal. Lots of potential upside to bring in more revenue and increase cap rate!
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8BEDS
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1ACRES
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8BATHS
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01/2 BATHS
School Information
Description
Once in a lifetime opportunity! Just under 8% cap rate! Legal 7 family complex on 1 acre lot completely renovated from foundation to roof within the last 2 years. Currently rented by non-for-profit organization. Rent roll - $22,440 monthly / $269,280 annual. 2% rental increase, five-year lease with one year into it. 6 studio apartments with bathroom and kitchen. One meter for six studios. Ductless heating and cooling, additional back up hot water, baseboard. Detached two bedroom house with full bathroom, separate meter,detached office with full bathroom, separate meter and ductless unit. Gated complex with enormous blacktop driveway. Property will provide immediate cash flow. Perfect for first time buying hold investor or professional investor. Incredible trophy asset for portfolio. Property recently appraised for 3.4 million. Seller potentially willing to hold note. Fantastic location off of Middle Country Road, close to stores, shopping, bus stops, and other multi family and development projects. Tenant pays all expenses except: taxes, insurance, yard maintenance and snow removal. Lots of potential upside to bring in more revenue and increase cap rate!
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