Description
Historic 13 unit apartment building complex located on a corner lot close to Downtown Port Huron. Each unit has separated utilities including water and electric. No gas in building, all electric baseboard heat. Owner only pays common area electric. Perfect opportunity for an investor to purchase a value add building. Seller installed brand new roof in Nov 2020 at an approx cost of $80K. New boards and trim were installed. 6 units are currently occupied. 7 units are demoed and awaiting rehab. Long term tenants, zero evictions, always pay on time. Current tenant rent roll is undervalued. Once all 13 units are fully occupied and rented, this building should bring in $100K a year in rental income. Very low expenses. Future value based on 7% cap rate should be approx. $1.1 Million. Tall ceilings throughout.
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0BEDS
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0.55ACRES
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13BATHS
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01/2 BATHS
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11,845SQFT
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$34$/SQFT
Description
Historic 13 unit apartment building complex located on a corner lot close to Downtown Port Huron. Each unit has separated utilities including water and electric. No gas in building, all electric baseboard heat. Owner only pays common area electric. Perfect opportunity for an investor to purchase a value add building. Seller installed brand new roof in Nov 2020 at an approx cost of $80K. New boards and trim were installed. 6 units are currently occupied. 7 units are demoed and awaiting rehab. Long term tenants, zero evictions, always pay on time. Current tenant rent roll is undervalued. Once all 13 units are fully occupied and rented, this building should bring in $100K a year in rental income. Very low expenses. Future value based on 7% cap rate should be approx. $1.1 Million. Tall ceilings throughout.
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IDX provided courtesy of Realcomp II Ltd., via Justin Neil & Associates, Llc: (313) 332-0872 and Realcomp, ©2022 Realcomp II Ltd. Shareholders.