Description
Rare opportunity to finish a building with 13%++ cap rate!!Unlock the potential of this value-add property, where the heavy lifting of renovations has already been completed, all major structural work done- framing, windows, rough plumbing, and electrical. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms.Currently zoned as RSA5, previously was zoned as multi-unit, up to 5 units.ARV $850k++Development Options:=================- 5-Unit Apartment Building: Requires zoning variance, previously configured as multi-unit.- 4 Units, Triplex, or Duplex: Choose the layout that suits your investment strategy.- Single-Family Group Housing: NO NEED FOR VARIANCE- Up to 12 bedrooms, perfect for high-rent group setups like transitional or veteran housing.Projected Rents:In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually!:=================- Multi-Family (5 Units): Around $1,450 to $1,500 per unit per month- Group Housing: organizations will pay over $8k a month for a 12BRs property.Remaining Work (Estimated Cost $120,000 to $160,000):=================- Install HVAC.- Hang drywall.- Paint and lay down flooring.- Fit out kitchens and bathrooms.The building was zoned previously as multi-unit and is sold as-is, blueprints are attached
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0BEDS
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0.05ACRES
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0BATHS
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01/2 BATHS
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2,528SQFT
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$129$/SQFT
Description
Rare opportunity to finish a building with 13%++ cap rate!!Unlock the potential of this value-add property, where the heavy lifting of renovations has already been completed, all major structural work done- framing, windows, rough plumbing, and electrical. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms.Currently zoned as RSA5, previously was zoned as multi-unit, up to 5 units.ARV $850k++Development Options:=================- 5-Unit Apartment Building: Requires zoning variance, previously configured as multi-unit.- 4 Units, Triplex, or Duplex: Choose the layout that suits your investment strategy.- Single-Family Group Housing: NO NEED FOR VARIANCE- Up to 12 bedrooms, perfect for high-rent group setups like transitional or veteran housing.Projected Rents:In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually!:=================- Multi-Family (5 Units): Around $1,450 to $1,500 per unit per month- Group Housing: organizations will pay over $8k a month for a 12BRs property.Remaining Work (Estimated Cost $120,000 to $160,000):=================- Install HVAC.- Hang drywall.- Paint and lay down flooring.- Fit out kitchens and bathrooms.The building was zoned previously as multi-unit and is sold as-is, blueprints are attached
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