DON'T MISS A NEW LISTING AGAIN!
FREE AUTOMATED EMAIL UPDATES
Great 4 unit complex with 4 garages and a storage areas. The property has been under the same ownership for the past 15 years. The owner is ready to sell, does not need a 1031 exchange. The CAP Rate is 6.75 including rents and $500 monthly rent for one garage and one storage room. The new owners CAP RATE including adjusted real property taxes based on the asking price is 5.74 and the gross rent multiplier is just over 13. The property is also close to the mass transit station., This property has been well maintained. Appliances have been replaced as needed. There is little deferred maintenance. The units are all conforming and the property which is 1.12 acres can be subdivided into 4 lots, ( buyer to confirm with City). Sewer is available. Septic systems have been maintained as needed. This is an old family compound, with mature trees, lovely landscaping and a great breeze wafting off the the ocean. It unit has a private yard and the long term tenants love it. It has great up side potential. Use your imagination and think outside the box. In the meantime it is a very good deal at this price. Quentin Smith is the owner and is a licensed real estate agent with with Engel &Voelkers.