🔥🏢VALUE ADD QUADPLEX IN ROANOKE🏢🔥

Description

Take a look at this Multifamily property located in Roanoke VA.

Owner configured the property into a rooming house for maximum revenue. Ideally to stabilize this property it would be best to convert it back to 4 units. Some plumbing will have to be done to add bathrooms and kitchens to some units. I have estimated the repairs to be around $100,000 to do it right. The structure is solid, brick house, poured foundation, big corner lot.

Some units could be a 2 bedroom units while the others would be 1 bedroom units. It all depends on your vision and configuration. Roanoke City has the Property use as Multifamily and has each unit listed on GIS.

Once Stabilized you could expect $800 Gross on the 1/1 units and $1,000 on the 2/1 units.

I estimated gross rents to be $3,600/MO with Annual rents at $43,200.

Depending on Capital and Operating Expenses you could expect a 10%-13% Capitalization rate on this investment. That is estimating repairs to be at $100k and your all in cost at $250k with holding costs associated to the renovation.

Comparables for Quadplexes in the area are around $350k as you would have roughly $100k equity in this investment once Refinanced with Perm Financing.

Radiator system for heating, No Central AC

Hardwood floors throughout the property

Unfinished Basement

Needs roof work, fascia, soffit, gutters all need attention.

Older wooden windows

Interior needs full remodeling, floors can be refinished, plaster can be salvaged in areas.