Presenting a rare opportunity to acquire a solid 17-unit apartment complex in a sought-after rental market. Consisting of separate 10-unit and 7-unit adjacent buildings. These well-maintained properties feature a balanced mix of one, two, and three bedroom units—ideal for attracting a diverse tenant base. Each unit offers functional layouts, ample natural light, and strong rental appeal. With consistently low vacancy rates and a solid rental history, this property is ideal for investors seeking stable cash flow and future appreciation. Close to shopping, dining, and colleges, this location attracts quality tenants and ensures long-term desirability. Perfect to start you rental journey or for seasoned landlords to easily add to their portfolio. Don't miss this rare chance to acquire a turnkey multifamily asset with strong financials and room for growth.
Current base lease amounts: (neglecting pet fees)
230 EW- 1 bedroom $600, $600, $550, $550, $500, 3 bedroom $910, $900 = $4610
250 EW- 2 bedroom $650, $900, $820, $1040, $650, $650, $820, $820, $820, $650 = $7820
$149,160 GAI
$10,387 yearly additional income includes renters insurance income, application fees, late fees, one-time pet fees, pet rent, transfer fees, and damage charges.
-$6,800 combined annual insurance
-$11,088 combined property taxes
$141,659 NOI
Utilities are paid by tenants. Trash is a flat rate of $28.10 added to rent charge. Electric bill is placed in tenant’s name. Water/sewer bill is held in owner’s name and exact amounts are back-charged to tenants on the following month through the tenant payment portal.
PRO FORMA NOI of $171,897 is based on actual 2026 Housing Authority fair market rent rates for 16057.
1 Bedroom with utilities paid by tenant $796 x 5 units - $3980
2 Bedroom with utilities paid by tenants $948 x 10 units - $9480
3 Bedroom with utilities paid by tenants $1257 x 2 units - $2514
15,974 monthly 191,688 yearly GAI + $10,387 aforementioned additional income
202,075 PRO FORMA GOI
184,187 PRO FORMA NOI