Multifamily with over 90 units. Property is composed of 3-bedroom/2-bathroom 1,402 SF, 2-bedroom 2-bathroom 1,186 SF and 1-bedroom 1-bathroom 1,000 SF. The total rentable area is 118,000 SF.
Investment has lots of potential to gradually increase (rents/income) as the new tenants come in at market rent and gradually increase rents on the long-term tenants by updating some amenities on the property. Buildings are 100% occupied with some section 8 tenants. Landlord also has a waiting list. Property has two separate laundry rooms for additional income which is not being considered. All units have central (A/C- HVAC). Tenants pay their own electricity and owner pays water and waste service removal. The roofs were replaced on all buildings 5- 1/2 years ago. Property has a pool which has not been in service for over 15 years.