Description
Turnkey multifamily CRE investment property in one of the country’s fastest growing and most economically vibrant areas. Units consist of one 2 bed, 1 bath unit (slab foundation) and one 1 bed, 1 bath unit (pier and beam construction), each with their own laundry room. Long-term tenants (15-20 years) with leases in place; one is a section 8 tenant.
Minimal overhead; rents at close to market with long-term tenants under lease. Tenants pay all utilities and are responsible for lawn care.
Features updated in 2024-25 include:
• New metal roof on both structures
• Both units have new siding, insulation and stud and beam replacement where any evidence of decay or rot existed
• Exterior of both units painted
• New energy efficient windows in 2 bedroom unit.
• All items noted on inspections addressed (seller will share the original inspection and termite reports with an accepted offer).
• Carport converted to 1 car, enclosed garage.
• 1 bed / 1 bath unit leveled with new piers installed & numerous beams replaced
• New front door on 1 bed / 1 bath unit
• Minor kitchen updates made in 1 bed / 1 bath unit
• Bathroom, laundry remodeled in 1 bed / 1 bath unit
• New city compliant water heater closet on 1 bed / 1 bath unit
• Dead and problematic trees were trimmed back or removed altogether
No showings unless under contract; internally or externally. If you drive by, please do not disturb the tenants. Buyer managed NOI of 85 and Cap Rate of 7 based on actual costs.
- Principal and Interest
- Property Tax
- HOA fee
