Description:
Incredible opportunity to pick up a Duplex (3/2 & 2/1) with a non-conforming Studio (0/1).
Seller began the process of getting it (ADU) permitted & has plans.
The 3/2 is current and paying, the back two units will be delivered occupied but with a negotiated "cash for keys" in place - at no additional cost.
The property has updated plumbing and cosmetic upgrades.
Potential for a 6% Cap Rate for a Buy/Hold or room for a Fix/Flip.
Comps:
We are selling as a duplex but we have a studio ADU in back that is non-conforming.
Rent as-is or get it approved and flip as triplex!!
Average $ Per Square foot: $407
2,018 sf x $407 = $821,326
** ADU adds 700-1000 additional Square Feet **
Rehab/Strategy:
Buy/Hold to Market Rents - 6% Cap Rate Potential
This has built in equity
Room to flip if desired (or possible relist once back two tenants are out)
Objection(s):
No Garage - Looks like they converted it to ADU
Front unit is leased until September 2024
Back two units have tenants but the seller will negotiate cash for keys (60 days likely) at no expense to the buyer.
Selling Points:
6% Cap Rate Achievable
Plenty of Spread for a Fix/Flip Investors
Priced as a Duplex but has third unit
David 424-256-021SIXXXXXXxx
For quick response call or text me.
Or copy and search bellow.
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