Asking Price: $799,000
Building Size: 5,664 SQ FT
Cost per Square Foot: $141.07
Now accepting offers on this package of 3 multi-family buildings that total 24 units. All units are 1 bed/1 bath, many have been renovated in the past 2 years. 700 Morse Ave is a 8 unit building that has a new roof (1 year old), Newer electric outside and many other capital improvements already completed. All units are 1 bed and 1 bath with individual boilers for heat and Wall A/C units. Many long term tenants and is 100% occupied. 2609 Revere Ave is a 10 unit building. This building has a good mix of subsidized tenants as well as market. The subsidized tenants are almost all from Hope Housing which differs from Sections 8. 1315 Wyoming is a 6 unit building, all 1 bed and 1 bath units. Current updates include new roof and new electric inside and out. 100% occupied with a mix of subsidized and market tenants. The total of 24 units shows a current cap rate of over 10% but when we allow a higher figure for utilities in 2 of the Wyoming units that were recently taken from market to tenants to subsidized (Utilities included) it reduces the cap rate to 9.89%. Many units have been renovated with new flooring, fixtures and more. This is a great package with the capital improvements already completed. Call for details *Note - only vacant units, if applicable, will be shown by appointment without an offer being accepted or an LOI in place. A more in depth tour can be scheduled once contract/LOI is accepted.
Key Points: $799,000 9.89% Cap Rate 24 Units Dayton Location close to downtown Many capital improvements completed