This 3,884 square foot multi-family home has ELEVEN (11) bedrooms and 3 full bathrooms and is located at 666-668 School St, Lowell, MA 01851. Good condition inside and out, all apartments are certified DELEADED (certificates in hand) with excellent tenants. Good neighborhood, low maintenance property, generates as much income as most 4-5 unit multi-families. All apartments are fully rented, but 2 of the 3 units have tenant-at-will (TAW) leases (i.e. if new owner wishes to occupy they would need give tenants at least 30 days notice to vacate). Left side of the house has 3 floors and 5 bedrooms, perfect for a homeowner with a family to live and have the other 2 units pay most - if not all - of the mortgage! Apt 1: Entire left side of house - 3 floors, 5 bedrooms & 1 full bathroom Apt 2: Ground floor, right side - 2 bedrooms & 1 full bathroom Apt 3: 2nd and 3rd floors, right side - 4 bedrooms & 1 full bathroom Most of the tenants are long-term and pay on time and in full each month via Paypal or Venmo. Rents are currently below market rate and could be higher. Features: - Appliances included: Freezer, Range/Oven, Refrigerator (in all 3 apartments) - 2 new hot water heaters recently installed - Newer heating system (FHA) in largest unit (unit 1, the 5 BR) - Almost new/spare furnace in basement (for unit 2) - New vinyl flooring in all 3 kitchens! - New kitchen countertops in Apt 2 - Each apartment has its own porch/deck area - Front porch & most rear decks have been updated with synthetic decking - All wood deck/porch areas were recently power washed - Washer & dryer hookups and some storage space in basement (washer & dryers are provided/owned by tenants) - Heat: Forced hot air (FHA) in units 1 and 2, electric baseboard heat in unit 3 - Good size, fenced-in back yard - Many vinyl double-hung replacement windows - Inspection of all units conducted by the City of Lowell in July '23. Rental unit permits are valid through July, 2026 FY22 Income Summary: Apt 1 (5BR, w/TAW lease): $1,800/month Apt 2 (2BR w/1 yr lease): $1,300/month Apt 3 (4BR w/TAW lease): $1,600/month Total Rent per MONTH: $4,700 * Total Rent, per YEAR: $56,400 * *Assumes full occupancy/no vacancies. FY22 Expenses Summary (actual): Insurance: $3,490 2022 Water/sewer Utilities: $1,980 2022 Electric Utilities: $1,080 Property tax: $7,130 Total 1 year Rent: $56,400 Total 1 year Expenses: $13,680 Net Operating Income (NOI): $42,720 ($56,400 - $13,680) *Property is being sold as-is *Competitively priced, below market value! Prequalified buyers only, please. NOTE to Potential buyers: All offers must be submitted with a mortgage pre-APPROVAL letter (if financing the purchase) or proof of funds (if paying cash). For showings, contact: Steve D (owner) srdamiani@yahoo.com Send OFFERS to PURCHASE to: Michael Bonenfant Phone: 978-399-0130 Email: bonenfant@cbalawoffice.com Fax: 978-399-0120 Offers: Max 1.5% Buyer Agent Commission
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