Tremendous opportunity for investor at 8.4% cap rate with LOW rents to keep current buildings or for a developer to build multi-unit or single family homes. Current building is a 16 unit complex with 14 one-bedroom and 2 two-bedroom units. Plenty of parking. Tenants pay their own utilities. All units have washer hook-ups and a few have washer and dryer hookups. VERY conservative cap rate at 8.4% with rents low. Increase rents to market rate and enjoy a 10.4% cap. Clean units that have been well maintained and always full! Great lot that backs up to the marsh and located next to a community of all brand new homes. Convenient access for tenants to 526 and 26.
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.
