$2,700,000

9-unit apartment building, all units are 2-bedrooms 1-bathroom, approximately 780 sq,ft each. This property has a current monthly gross income of $17,900, which results in a cap rate of 5.43% at the offered price. However, the projected and potential monthly gross income is $22,955, which would result in a cap rate of 6.22%. This could be achieved as leases renew and increase the rents on the month to month tenants. 40-year recertification that was completed on 4/29/2021. With an average effective rent of $1,944, an investor has the opportunity to increase rental rates by 28% to be competitive within the market as units turn. Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance.