Exceptional opportunity to acquire 7 townhome-style apartment units, all in one building. Each two-story unit consists of 2 bedrooms and 1.5 bathrooms with an estimated 1200 square feet per unit. This property is situated in a great location and all units have views of Lake Parker from the second level balcony. This is a high quality property that has been very well maintained. Each unit is tenant occupied and most tenants are on month-to-month leases, generating approximately $4,825 per month. Current rents are substantially below market rates. There are strong rental comps in the area showing market rents between $850 to $950 per month. With the size, style, and location of these townhomes, we feel $950 per month is not unrealistic. This opportunity offers a few investment options. One option would be to introduce rent increases and hold for long term cash flow. Another would be to resell the property once rents are raised, at an estimated 7% cap value of $785,000. And finally, there may be an option to individually parcel these units and sell them as individual townhomes for top dollar. Verification and approval would be needed from the county. The property also comes with riparian rights to Lake Parker. Huge upside here so please contact your agent with any serious interest.
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