Rare opportunity to finish a building with 13%++ cap rate!!
Unlock the potential of this value-add property, where the heavy lifting of renovations has already been completed, all major structural work done- framing, windows, rough plumbing, and electrical. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms.
Currently zoned as RSA5, previously was zoned as multi-unit, up to 5 units.
ARV $850k++
Development Options:
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- 5-Unit Apartment Building: Requires zoning variance, previously configured as multi-unit.
- 4 Units, Triplex, or Duplex: Choose the layout that suits your investment strategy.
- Single-Family Group Housing: NO NEED FOR VARIANCE- Up to 12 bedrooms, perfect for high-rent group setups like transitional or veteran housing.
Projected Rents:
In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually!:
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- Multi-Family (5 Units): Around $1,450 to $1,500 per unit per month
- Group Housing: organizations will pay over $8k a month for a 12BRs property.
Remaining Work (Estimated Cost $120,000 to $160,000):
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- Install HVAC.
- Hang drywall.
- Paint and lay down flooring.
- Fit out kitchens and bathrooms.
The building was zoned previously as multi-unit and is sold as-is, blueprints are attached
The income description goes here to explain
List Price | $324,900 |
Property Type | Other |
Usable Sqft | 2,528 |
Number of Stories | 3 stories |
Parking Spots | 0 spots |
Year Built | 1940 |
Last Sold | Unknown |
Sold Price | Unknown |
APN # | 232434100 |
MLS # | PAPH2452610 |
Property ID | 321328541 |
Lot Sqft | 2,290 |
Zoning | RESID |
Total Units | 4 |
Days on Market | 22 |
Original List Price | Unknown |
Date Updated | March 25, 2025 |
Date Created | March 04, 2025 |
Financials not available online. Please inquire with your agent for more details.
Devorah Selber an agent of . Lic #183888
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