About this property

The subject property is a portfolio of 24 doors comprised of 6 quad-plexes on Ave S. (SFRs). At a sales price of $1.5 M this brings the price per unit to $62,500 which is a discount to current market value. The units are are all 1 bedroom 1 bath with average square feet of 665 in each unit. There is high demand anytime units become vacant or leases expire. The current owner assumed this property 1st Quarter of 2020 and during Pandemic updated half of the units and was able to greatly increase rents to $750 per month. There are 12 units that rented for between $450-600 that can be updated for average of $9,000 per unit ($108,000) But the increased rent to $750 per month increases cash flow over $31,000 per year and property value by over $350,000. So there is tremendous value add opportunity.