Cap Rate
6.35%
Units
7
Gross SQFT
5,050
NOI
$91,245
Property Type
Apartments
INVESTMENT HIGHLIGHTS
VALUE-ADD OPPORTUNITY
- 7 Units
- 6.35% Cap Rate
- 23% Upside
- No rent control
- Average rent is $1,649 – market is $2,023 ($370+ difference on turnover)
BUILDING HIGHLIGHTS
- Mostly two bedroom apartments
- Most units renovated
- Tenants pay for heat, hot water, cooking gas & electric
- Landlord pays for water/sewer & common area electric
CONVENIENT TRANSPORTATION
- The property is approximately a 9-minute walk to the 22nd Light Rail Station stop which provides a 45-minute trip into Midtown Manhattan.
Broker of Record
- Patrick Forde
- License No. 2330333 (NJ)
- (866) 889-0550
- Matthews Real Estate Investment Services, Inc
- 1600 West End,
Ste. 1500 Nashville, TN 37203