Description
Attention investors! Tired of hunting each morning for deals but coming up with duds? Presenting a unique opportunity to buy a package of (5) rarely available 4-unit buildings in Vernon (20 units total). The portfolio contains (16) 1-bedroom units, (2) 4-bedroom units, (2) 2-bedroom units. The portfolios current gross income is approximately $205,000 and the current NOI is $121,000. Rents are well below market value. The average rent for 1-bedroom units in this portfolio is $825/mo (including heat and hot water). The landlord recently rented a 1-bedroom for $1,200 and another one for $1,225. There is an estimated $4,990 per month ($59,880 annually) in additional profit from rent increases. The property is listed at a 7.25% cap rate. After rent increases the property will be an 11% cap rate.This portfolio is easy to manage, 3 of the properties are adjacent. Addresses are 5, 7, and 9 Fern St, 75 Orchard St, 17 Woodland St. The properties have been extremely well maintained, there is little deferred maintenance. One of the properties was completely re-built in 2010. 3 of the properties have roofs that are less than 3 years old.
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0BEDS
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0.77ACRES
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0BATHS
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01/2 BATHS
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12,566SQFT
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$131$/SQFT
School Ratings & Info
Description
Attention investors! Tired of hunting each morning for deals but coming up with duds? Presenting a unique opportunity to buy a package of (5) rarely available 4-unit buildings in Vernon (20 units total). The portfolio contains (16) 1-bedroom units, (2) 4-bedroom units, (2) 2-bedroom units. The portfolios current gross income is approximately $205,000 and the current NOI is $121,000. Rents are well below market value. The average rent for 1-bedroom units in this portfolio is $825/mo (including heat and hot water). The landlord recently rented a 1-bedroom for $1,200 and another one for $1,225. There is an estimated $4,990 per month ($59,880 annually) in additional profit from rent increases. The property is listed at a 7.25% cap rate. After rent increases the property will be an 11% cap rate.This portfolio is easy to manage, 3 of the properties are adjacent. Addresses are 5, 7, and 9 Fern St, 75 Orchard St, 17 Woodland St. The properties have been extremely well maintained, there is little deferred maintenance. One of the properties was completely re-built in 2010. 3 of the properties have roofs that are less than 3 years old.
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