Amazing! Listing price reduced $340K. Well maintained Mediterranean 5 plex is just blocks to the beach. Popular rental residential area. All units are 2 BR/1BA. 4 units are 1242 sqft and the unit above the detached 4 single car garages is 854 sqft. As the owners upgraded units, they preserved many original, ornate features such as tile work, arched openings to dining rooms, coved ceilings and polished hardwood floors. Common area laundry room. Unit #3127 will remain not rented. With the actual current rents + 1 vacancy, the CAP rate is 4.8%. Potential upside is high for investors with building improvement in mind. Potential pro-forma rent total is $152,400 and NOI can be $127,089. Potentially 6.4% CAP rate and 13 GX. It is a fantastic investment opportunity.
5,822 Sq Ft
6,753 Sq Ft Lot Size
apartment
Built in 1930
MLS/Listing ID PW26116533
2 Stories
5 Units
Natural Wood
Construction - Stucco
Community - Biking
Community - Sidewalks
Community - Street Lights
Association - Water
Style - Mediterranean
Water Heater
Public Water
Public Sewer
Sewer
Flat
Laminate
Unfurnished
Heating - Natural Gas
Laminate Countertops
Common Area
Lot - Paved
Parking - Garage
Parking - Driveway
Parking - Door Single