For Sale $609,900 - Apartment Building, Residential
449-463 Olian – Well maintained side by side 4 fams with large 1,000 sq ft, 2bd 1.5bth town-home units located in a quiet subdivision in Hazelwood West sch dist. Buildings are fully leased with gross rents of $6.5k a month and $78k annually. After expenses and vacancy the net annual income is $51k – a 8.4% cap rate. There is plenty of potential to raise rents. Current rents range from $775- $895, if the rents in all of the units were raised to $895 the buildings would generate an additional $660 a month and $7.9k a year for a net income of $55k creating a 9.1% cap rate. There are apartments one block away with the same layout that rent for $1,200 a month. These apartments are easy to rent with updated kitchens and baths, additional lower level family room, in unit laundry, off street parking with dedicated parking spot, newer windows throughout, newer roofs, some newer furnaces and condensers. There is a park with playground directly behind the buildings. Buildings to be sold together.
Paying buyers agents 2.5%
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