Property Detail

Description

Huge 500k Price Reduction! 14 existing Renovated units + plans for 20 new units cash flowing at an amazing current Cap Rate of 7% from day 1. Attractive 2.6M assumable loan at an incredibly low rate of 3.9% fixed through 09/01/2027 yielding a remarkable 10% cash-on-cash return. Preliminary plans to add 20 new units to achieve an unheard of 12.7% Cap Rate, 6.2 GRM, and only 159k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The plans call for 8 detached ADUs in the back + 5 attached ADUs in the front + 7 new units in the front for a total of 20 new units. The 14 existing units have undergone many capital improvements including updated roof, electrical, plumbing, windows, interiors, exteriors, etc.