Sold $900,000 - Triplex
Great Triplex in a Really Good Part of Eagle Rock – $900,000
For those who are willing to get their hands a little dirty, this is a really good one from both the standpoint of cash flow and upside. You have three units which, once renovated, will fetch approximately $7500/mo between them. The units will be delivered vacant, and they do not need a ton of work. I estimate someone who knows what they are doing can get them up to snuff for about $100,000 total. So for $1 million all in ($900,000 for purchase and another $100,000 for fix up), you will have a property that yields $90,000 annually.
Breaking it down, that should come to about $2400/mo cash flow, or $28,800 annually, after mortgage payment, property tax, insurance and other expenses. That is about 11.5% cash on cash return with nothing but upside in what is currently a really good location, and only getting better and better. For example, right out of the gate your property would be worth, on the open market, close to $1.2 million.
If this is the kind thing you are into, I strongly recommend you get a hold of me and find out more.
