Rather then buy a 4 plex for rental income, buy a similarly priced mini storage facility at a similar rent multiplier, but far less maintenance, minimal tenant issues, and more stable cash flow. Rather then buy a 2-5 unit apartment complex, buy a small mini-storage facility, where the law favors you the owner, rather then the tenant. 47 Unit Mini Storage, consisting of 3 buildings. The building with the office is about 4,612 sq.ft. The 2nd building is about 1,536 sq.ft., and ducted for heat. They are insulated buildings with interior storage units with mostly roll up doors accessed by 1 of 6 halls. The 3rd building is 200 sq.ft. with exterior access only. They have metal siding with a newer fiberglass roof. It is all fenced with a manual security gate. Everything is in very good condition without any deferred maintenance. It is virtually fully occupied with part-time reliable support who knows the tenants and the neighborhood. Parcel has access via Warner Street, but has legal access to State Street with the signage location. Last year it grossed $44,406 with expenses of $18,577, leaving $25,829 net income. Manage it yourself to increase your income, though with the manager in place, it is very easy positive cash flow. Listed for sale by agent: Thomas Wolter @ 206-200-3325
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
