Off market and fully leased 4-plex generating approx $4,525 per month ($54,300 annually) in gross rental income. Current rents are $1,200 (Unit 1), $1,150 (Unit 2), $1,125 (Unit 3), and $1,050 (Unit 4).
At a $635,000 purchase price, the property has an estimated NOI of $31,545 and a 4.97% cap rate, accounting for vacancy, management, maintenance, capital reserves, taxes, and insurance. The buyer will NOT be responsible for closing costs with the title company. The property also includes 4-detached garages, giving tenants valuable additional parking and storage.
With certain targeted improvements and fixing tenant wear and tear, there may be potential to bring all four units to $1,200/month at tenant turnover (if applicable) based on rental comps.
With all four units currently occupied, this presents an opportunity to acquire an established income-producing asset with additional upside through modest repairs and updates, and rent optimization as leases turn over.
