347 S George Street

Description

REDUCED! Now 7/1/24 a 13.91% ROI!!! Investors! Dont miss this as is 6 unit property - a rare find in todays world yearning for stability and positive cash flow! This property has had some recent updates, 5 completed units - 3 of which are rented, and a secure multi-car garage unit with an automatic garage door opener, a security system, additional off street secure parking for multiple cars outside and even more off street parking beyond that! The garage unit has plenty of space to be a 6th 2 bedroom apartment - just hire your contractor to work within the shell of this space! The rear 1st floor unit even includes a fully functioning recording sound studio and 2 full baths! Every unit except the garage includes a refrigerator and a stove. This 6,277 Sq Ft 6 unit building is a cash cow - tenants pay all utilities. This building has 4 separate gas meters and 5 separate electric meters. Attention: this building is being sold as is. This is an estate sale. The MLS system is lacking in its functionality in relation to multi-unit properties. This 6 unit, as is estate sale has 4 code approved units. Please ask your Realtor to provide you all docs uploaded to the MLS associated docs folder including a very helpful dossier and an Income and Expense Statement showing a cap rate of 13.91% for this cash generating property. MASSIVE CASH FLOW! This property has a total of $61,140 of rents per year which equals $5,095 per month in rent. The Total annual expenses are $18,046. There is a net operating income of $43,094. All together this gives the new owner of this property at a $309,900 sales price a cap rate of 13.91%! This is fantastic cash flow and gives you plenty of funds to make updates every year to increase the rents even more over time! This property presently has 3 units occupied - all tenants would like to stay. 3 units are vacant but owner reserves the right to rent units prior to settlement. 347 S George St 1st Floor Front: Unit includes stove & refrigerator. Projected rent as per owner $1,100. Recently remodeled unit. New flooring, new electric stove, new drywall ceiling, freshly painted ceilings, trim, walls & flooring. This unit has hot water radiator gas fueled heat, a brand new electric smooth top stove for cooking and a gas fueled water heater.347 S. George St 1st Floor Rear: Unit includes stove & refrigerator, washer, dryer. Projected rent $750. This unit has access to the unfinished basement. This unit has 2 full baths - one of them is off the fully functioning sound proof recording studio! 347 S George St 2nd Flr Front: Unit includes stove, refrigerator & microwave.347 S George St 2nd Flr Rear: Unit includes stove & refrigerator.347 S George St 3rd Flr: Unit includes stove & refrigerator.347 S. George St 1st Floor Garage: Projected rent $800. This large tandem garage has off street secure parking, auto garage door opener, alarm system, separate electric & could be modified to have a full bath, 1 bedroom & a kitchen making this a 6 unit apartment building!