Courtesy of: Emily Hui Chen-Liang, Tiger Realty, huitingliang@yahoo.com
Courtesy of: Emily Hui Chen-Liang, Tiger Realty, huitingliang@yahoo.com
$1,988,000
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18 bed
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7.00 Bath (6 Full)
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Lot: 0.05 Acres
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Other
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$1,988,000
1565 70th Street Excellent investment opportunity! This well-maintained 6-family property underwent a complete gut renovation in 2011 and has been meticulously maintained ever since. The extensive renovation included structural steel beam reinforcement, all new plumbing and sewer lines, a fully updated electrical system, separate heating and hot water systems for each unit, all new windows, a new metal staircase, and complete reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout. The property consists of six residential units, including two spacious 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens, plus a basement currently rented as storage for additional income that can be delivered vacant at closing. Current rental income totals $13, 626 per month ($163, 512 annually), including basement income. Annual operating expenses are approximately $32, 093, consisting of property taxes of $20, 973, water and sewer charges of $5, 400, insurance of $5, 000, and electric of approximately $720, resulting in a strong Net Operating Income (NOI) of approximately $131, 419 per year. With stable cash flow, separate utilities, low maintenance requirements, and significant long-term upside potential, this property presents an outstanding opportunity for investors seeking a turnkey income-producing asset.
Courtesy of: Emily Hui Chen-Liang, Tiger Realty, huitingliang@yahoo.com
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