Spacious 2 & 3 bedroom 20 Unit apartment complex + excess land to build an additional 20 units (permitted density in R-3 zone is 16 units/acre (2.52 acres x 16 units acre = 40.32 units.) .No formal approvals in place for the additional 20 units. Rents on existing units are well below market with substantial upside. Current NOI $121,400 - 5.41% cap rate at $2.25M purchase price and a 6.7% cap rate at proforma NOI of $150,400. Proforma NOI is closer to 7.7% after backing out $300K for the excess land. Land Development Opportunity for additional returns. Buyer and buyer agent to verify all. Listing agent has a fractional ownership in this property. Do not disturb tenants, no showings without an accepted LOI or offer.
Sewer: Connected, Sewer: Public, Water: Connected, Gas: Connected, Power: Connected
Sidewalks, Terrain: Flat, Fenced: Full, Road: Paved
Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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