Sold $950,000 - 4-Plex
Okay, here is another really, really good off-market opportunity. See if you can track with this:
It is currently being operated as a fourplex, and has been thoroughly and beautifully renovated, but it is legally only a duplex. However, the zoning allows for a fourplex. Plus, we checked with the city and it would be rather easy to create a fourplex there. It has enough land to add square footage if one wanted to, and also add enough parking. However, even if you never did any of that, it “pencils out” quite well just the way it is right now. Here are the specifics:
The 2-bed, 2-bath, 1000 sq ft unit is getting $2500/mo; there is a 2-bed, 1.5-bath that is getting $2350/mo; there is a “bootleg” studio that is getting $700/mo, and finally, a “bootleg” 1–bed, 1-bath that is getting $1250/mo. That totals $6800/mo. That means you get $1700/mo in cash flow, or 8.6% return on investment. And all this in a very upside location on a property that does not need any money spent on it. Or, you can buy it and add the two units in the backyard, and end up with an asset that gives a LOT more cash flow! Could be as much as $4000/mo, or 16% cash-on-cash return, or possibly even end up being an awesome flip.
Anyway, if you’re interested or want to know more about it, contact me any time!
