This property is in Receivership, Thomas E. Woods, Receiver. The Receiver renovated several units, including new carpet, balconies,appliances, cupboards and other items. The two buildings do need new roofs which are at the end of their useful lives, but the present roofs are in reasonable repair. Seller is offering a $30,000 roof replacement allowance.
The financials are pro forma, because sufficient income and expenses for 2024 and 2025 are not available due to the fanct that the property is part of a divorce and the Receiver has been unable to obtain accurate information. The Receiver does have information for 2023 and from October 2025 to the present from which expenses have been extrapolated. Income is based upon present rents both for pre-teceiver tenants and for tenants the Receiver has placed. The Receiver has deliberately not negotiated new leases with existing tenants (7) whose leases have expired to prevent further vacancies and to allow the new owner to dictate the terms. Expired leases numbering 7 are below currently advertised rents.