Properties being sold AS-IS
20 units/ 8 properties: Tremendous room for upside and stabilization. Units currently performing at 13% cap rate @ 65% occupancy. Information based on actual income. Expenses such as insurance and trash are estimated. Owner utility costs based off of last year. All units are separately metered for electricity. Owner pays water/sewer, and trash for: 213-217 1/2 S. Grand & 610 (Units:A-D) W. 4th St.
These units have been self managed for multiple years, without proper budgeting for differed maintenance or upgrades. Some capital expenditures such as roof on a few units, and HVAC replacements on a few units, and sewer line replacement on 215/217 W. 7th was also done in recent years.
There are 4 units that are in need of cosmetic repairs before they could be rent ready. But a few other units can be cleaned, and ready to lease, for immediate upside.
All of the properties seem to have good bones, but all of them will need some degree of maintenance, decking, handrails, facia, siding, gutters, etc., to really capture the top end market rent and fill the units with quality tenants