Rare turnkey, already cash flowing asset in the quietest corner of Lake Fairview! The landlord’s retirement offers you the unique chance to snatch up this approved triplex, boasting three high quality 1/1 units, at a hard to come by 8.4% cap rate as-is.
Pros: All units currently rented on 1 year leases, with never a day of vacancy in the last 5 years. Separate meters and water heaters per unit. Separate kitchen with fridge/oven for each. Property has been professionally maintained, with service records available. New roof in 2017, with transferable warranty. Units A & B fully remodeled 5 years ago, Unit C fully remodeled last month.
Cons: No central air. Separate window AC units per unit (Unit A & B 5 years old, Unit C 1 year old). Water heater ages unknown for Unit A & B, 1 year old for Unit C. A few windows are difficult to open and might need replacement, but nothing broken.
Investor notes:
Current LTR rental gross: 33,300 /yr, but two long-term residents at less than market rate. Market rate rent in current condition: $36,000 /yr, with a waiting list for occupancy. Tenants pay own utilities, except for water. Current expenses: $5,000 /yr for maintenance, water, insurance, lawncare and taxes.
No HOA/CDD. Feel free to soft pitch offers to listing agent before writing anything up. No assignable contracts accepted. Seller financing possible with a very large downpayment. Unit C is temporarily vacant until 11/1 for renovations and on a lockbox. Easy to show.