1159 Bellevue Avenue

Description

10 unit apartment building for sale. Close to Western Lights Plaza consisting of Wegmans, Walgreens, Bank of America, Price Chopper, Valu Home Center and dozens of other retailers and restaurants. This property primarily consists of 1 & 2 bedroom units. 9 of the 10 units are rented with one unit left vacant for showing purposes. 6 of the units are rented by Catholic Charities for guaranteed income while the other units are a mix of cash payers and other voucher programs. The property brings in ~$125,000 in annual income with the opportunity to bring rents to market rate through varies interior renovations, renting out the 10 storage units in the lower level and also equip the laundry room with coin operated washer and dryers at it is currently empty. Each tenant pays their own electrical and the landlord pays for heat, water/sewer and the house meter for common areas. Annual expenses are ~$41,000 giving you an NOI of $80,000 after vacancy factor valuing this property at $700,000 or an 11.5% cap rate. A phenomenal opportunity to recognize strong cashflow day one with upside to the bottom line.