Profitable 8-unit multifamily investment in a close-knit community at 312 Hickerson. Each unit has its own HVAC system, approximately 8 years old. The complex includes four updated 2-bedroom, 2-bath units renting for $1,500-month, two two-bedroom, 2-bath units not updated at $1,100-month, one one-bedroom, one bath not updated at $950-month, and one updated one-bedroom, one bath, at $1,100-month. All units also have their own small fenced backyard.
Five units have been fully renovated in the last 24 months, including stainless steel appliances, flooring, plumbing, and electrical fixtures. Annual rental income is approximately $123,000, with expenses including taxes ($25,800), insurance ($8,569), and management fees ($7,500), leaving a profit before taxes of about $81,131 and a market CAP rate of roughly 5.6%.
Seventy percent of residents have lived in the community eight or more years, demonstrating stability and a well-established tenant base. Minimal ongoing maintenance and recent updates make this property a turn-key investment opportunity. EACH UNIT SQUARE FOOTAGE IS APPROXIMATE AND BASED ON PUBLIC RECORDS; IT HAS NOT BEEN INDEPENDENTLY VERIFIED. BUYER TO DO DUE DILIGENCE.