The location offers many advantages with its proximity to essential amenities like Pearl Street, Church Street, the waterfront, universities and colleges, and the medical center. The setup of 16 one-bedroom condos with hardwood flooring and tile, along with off-street parking and laundry facilities, is attractive for tenants. The fact that the property is condominiumized is a significant advantage as it allows potential buyers to sell units individually, which can be a great selling point. Additionally, the ease of renting, managing, and maintaining the property makes it even more appealing. Properties in sought-after areas like this can indeed be rare finds. The location, amenities, and potential for future flexibility could make it a highly desirable investment for real estate investors. The current cap rate is 7%, with the ability to quickly increase the monthly rents within year one of ownership. †

Essentials

MLS# 4980374	Bedrooms 0	Garage Size Car
List Price 2,395,000	Total Bathrooms 0	Year Built 1920
Type Multi-Family	Lot Size 0.3000 Acres	Taxes $39,670
Units 16	Stories 2	Road Frontage 75
Annual Income $240,000	Style Multi-Family	Water Frontage
Annual Expenses $0	Finished 8,736 Sqft	Construction No, Existing
Zoning Res-High Den	Above Grade 8,736 Sqft	Seasonal No
Total Rooms 0	Below Grade 0 Sqft	List Date Dec 16th, 2023

Expenses

Gross Income $240,000	Operating Expenses $0	Net Income $180,000

Expenses Includes

Unit Size & Rent

Building

ConstructionWood Frame
BasementWalk-up, Exterior Access
Interior Features
Exterior Features

Exterior Brick, Vinyl Siding, Wood Siding	Disability Features
Foundation Stone	House Color
Floors	Building Certifications
Roof Standing Seam, Membrane	HERS Index

Property

Directions
Lot Description, Level, City Lot, Sidewalks
Garage & Parking No, , , Off Street, 11-20 Spaces

Road Frontage 75	Water Access
Driveway Paved	Water Type
Flood Zone No	Water Body
Zoning Res-High Den

Schools

School District NA	Middle
Elementary	High

Utilities

Heat Fuel	Excluded
Heating/Cool None, Baseboard, Electric, Gas Heater	Negotiable
Sewer Public	Parcel Access ROW
Water Public	ROW for Other Parcel
Water Heater Owned	Financing
Cable Co	Documents
Electric Circuit Breaker	Tax ID 114-035-15352