4408 Lockwood represents a compelling value-add opportunity for a new owner to capture significant embedded upside with a substantial head start already in place. Current ownership has already turned ten of the property’s twenty units and invested in major capital improvements — including a new roof, plumbing upgrades, upgraded electrical, and a bolted foundation — reducing near-term capex risk for a new buyer. The property is currently operating at a 6.04% cap rate and 9.17 GRM on in-place rents, reflecting an approximately 22.2% loss to lease relative to market. By continuing to turn the remaining units and capturing existing loss to lease, a new owner can grow NOI by roughly 47% and drive returns to an 8.85% cap rate and 7.18 GRM on a market basis.