🏡 Prime 4-Unit Quadplex w/ Expansion Potential 🏡

Description

💎 PRIME INVESTMENT OPPORTUNITY 💎

Overview:
Presenting a lucrative investment opportunity in a prime location, this 4-unit quadplex offers not only immediate rental income grossing $4k a month but also significant value enhancement potential. With three of the four units currently leased on a 1-year lease and the fourth unit on a month-to-month basis, this property generates a steady monthly income. However, the true treasure lies in its ability to expand into a 7-unit without the need for permits, making it a promising investment for investors.

Property Details:
Four units, each comprising 2 bedrooms and 1 bathroom, with an approximate 1,000 sqft of living space.

Three of the four units are currently leased on 1-year leases, generating $1,000 per month each.

The fourth unit is also rented out for $1,000 per month on a month-to-month lease.

The current configuration brings in $4000 monthly.

Expansion Opportunity:
This property boasts a unique advantage – it is grandfathered under a building code that permits internal expansion, provided each unit maintains a livable square footage of at least 550 sqft. With this, you have the potential to add three more units, turning the property into a 7-unit. The expansion plan includes:

An additional 1-bedroom, 1-bathroom unit, expected to rent for $1,000 per month.

Two brand new studios, each projected to generate $900 per month in rental income.

Renovation and Utilities:
To maximize the property’s income potential, we have obtained a construction bid (will get you in touch with contractor) that outlines the cost of renovating all current units and creating three new units. Additionally, we plan to install separate water and gas meters for each unit, shifting the utility expenses from the landlord to the tenants.

Financial Highlights:
Current “as-is” cap rate: 11.15%

Projected cap rate post-expansion and renovations: 18%

Gross monthly income post-expansion: $8400

Proforma Available:

For a more detailed financial projection and breakdown, proformas can be provided upon request.

Don’t Miss Out:
This investment property offers an exceptional blend of immediate income and substantial growth potential. Act now to secure this property and reap the rewards of a strategic investment.