7% cap rate - 13 unit apartment complex on the corner of W 9th Street/N G Street for $72,000K/Door!! Newly built skate park is just around the corner. SB has been working on cleaning the area up with an apartment complex across the street completely rehabbed with the City's assistance. The vacant lot next door is available to purchase thru the City. 3 studio apts which are highly desirable and sought after in SB; 10, larger 1 bedroom units. The complex is 100% occupied with 1 unit occupied by an on-site manager (rent free) which allows potential for additional rent. The landlord pays electric for common areas, 3 studios and the laundry facility. Landlord also pays gas. Individual gas meters are plumbed and ready for individual identifiers/meters from utility company. An estimate has already been given for work. The front building has a new roof within the last few years. There are 6 garages and 4 are currently for tenants w/additional income of $20-$35 month to rent them; and 2 for storage (which allows for more income potential). Most units have been rehabbed in last 4 years with tile or laminate flooring and either tile showers or prefab showers, wall heat/air conditioning. Security fencing was installed to provide extra safety for the tenants and facility. Laundry facility provides add'l income which is managed by outside vendor. Lots of parking space for tenants. Buildings are in good condition with low maintenance required. Please do no disturb the tenants!
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