1344 Dewey Ave 1342

10-Unit Value-Add Opportunity – Complete the renovations | 1342–1344 Dewey Ave


Strong opportunity to acquire a 10-unit multifamily property with most of the heavy lifting already completed. This asset consists of 8 one-bedroom units and 2 basement studio units, offering immediate income potential with additional upside after remaining renovations are completed. C of O transfers to new buyer and expires November 2027.


Property Highlights:
• 10 total units: 8 one-bedroom, 2 studio (basement)
• 8 units delivered with some renovations still needed to be done (basement units, up to 4 of the one bedrooms and some kitchens need some work)
• Separate electric and cooking gas
• Heat and hot water included
• Updated interiors featuring newer kitchens, hardwood and vinyl plank flooring
• Replacement windows and new exterior doors
• Steam boiler (2020)
• Security camera system included


Value-Add Potential:
The property has already undergone significant improvements, including remediation from minor neighboring fire impact. Finalize remaining updates to unlock additional income and force appreciation.


Exterior & Major Systems:
• Flat torch-down roof currently being freshly silver-coated
• Clean mechanicals and solid infrastructure already in place
Additional Parcel:
• 1346 Dewey Ave included (separate parcel) – parking lot with existing garage (must be demolished)


Investment Highlights:
• Immediate cash flow from rent-ready units
• Proven value-add without full renovation scope
• Ability to increase income through unit completion and lease-up
• Efficient path to stabilization and long-term returns

Expenses before the fire next door:
City tax: $5,056; County tax $2,424; Insurance $6,234; House meter utilities $6,000; Refuse $2,000


Cash buyers only or buyers with a bank term sheet from a bank willing to finance a vacant building in need of some renovations. The plan is group showings with the first not yet scheduled.