Built in 1988, this ten unit apartment building at Bates and Morganford stays leased and won't present the future owner with all of the question marks 100+ year old buildings face. All units are individually metered and have their own central heating and cooling systems. Off street parking in the rear of the building for eight cars. The leases in place allow the Landlord to collect sewer and water - Typically a sunk cost for landlords. Rent range for the apartments are currently $400-$500/mo with the average over the ten units being $470/mo. New owner may be able to drive up rents through cosmetic rehab of each unit when it become available. No vacant units - Must schedule appointments through listing agent and allow at least one day for access. Rent roll is in the attachments, past three years of financials are available upon request. True NOI for 2015 was over $44,000. Hurry, a 10-unit building less than 30 years old won't last long at a 7.5% cap rate!
Listing courtesy of Red Brick Realty.
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