Rare value-add opportunity in a stabilized 6-unit multifamily property with five fully renovated apartments already achieving strong market rents. Unit 2, currently unrenovated, will be delivered vacant at closing—allowing a buyer to immediately renovate and push rents, significantly increasing NOI. The building is fully occupied with cash-paying tenants and low turnover, making it a solid cash-flowing asset from day one.
The property features a brand new $25,000 heating system, minimizing future CapEx. There's significant untapped upside: increase rents by 4% annually, install a coin-operated laundry in the basement for added income, and build out basement storage cubicles to rent to tenants. With below-market expenses and high-efficiency mechanicals in place, this asset presents an ideal opportunity for investors seeking both current yield and long-term appreciation.