Photo 1 of 5
$1,100,000
Sold on 5/27/14
Beds |
Baths |
Sq. Ft. |
Taxes |
Built |
56 |
28.00 |
0 |
$2,531 |
1976 |
On the market:
103 days
|
View full details, 15 photos, school info, and price history
Well maintained rental property just off State Highway 29 consisting of 7 contiguous four-plex buildings. All units are spacious 2 bedroom, 1 bath units of approximately 850 SF. Property is on city water and sewer and has an on site coin operated laundry. All tenants have annual leases with deposits and there are no section 8 rentals. Tremendous upside potential as out of area owner's management and operating expenses were 56% of entire 2013 budget. Even with the high expenses and a 9% vacancy the property had an NOI of $71,161.00 or a 5.7% CAP Rate at the asking price. Based on current rents, a 7% vacancy factor, and ordinary operating expenses the property should easily throw off an 8% to 10%+ CAP Rate. Currently 27 of the 28 units are occupied. Propertypackage consists of 601,603,605,607,609,611,and 613 Nassau Street
Listing courtesy of Jack Britton, Professional Realty