14-16 Elm Street

Description

DON'T MISS AN EXCEPTIONAL INVESTMENT OPPORTUNITY IN AUBURN'S HISTORICAL DISTRICT. Two-buildings offering 7 spacious apartments (5-1 bedroom and 2-2 bedroom units) on a single lot with dedicated off-street parking. Each unit offers large rooms, hardwood floors, high ceilings, individual heating and oversized windows making this an attractive and efficient rental opportunity. Property has an excellent rental history with great tenants who take care of their apartments and pay on-time. This well-maintained building and ideal location will continue to provide ease in finding the right qualified applicants. Many existing tenants are month-to-month. Come experience an investor's dream with a mix of long-term tenants and low turnover. The Cap Rate is near 10% with below market rents. There is plenty of upside here. Five apartments have been renovated and additional upgrades have been made throughout the two buildings. 14 Elm St is the rear building which houses two large 2-bedroom apartments with decorative pillars, quality woodwork, formal dining rooms, built-in cabinets and added private storage rooms. Additional space in the attic could be considered an expansion opportunity for this building. 16 Elm St offers five spacious 1-bedroom apartments with high ceilings and plenty of natural light. All 7 units have separate meters and are heated with efficient Rinnai heaters that burn natural gas. Heaters have been maintained and serviced regularly. Recent heat pump water heaters were installed in 16 Elm St. Upgraded electrical in both buildings A turnkey investment that grosses over $83,000/year.