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.
Location
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Listing Agent: Justin P Neil Courtesy of: Justin Neil & Associates, LLC IDX provided courtesy of Realcomp II Ltd. via site owner and the originating MLS listed above, ©2022 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Updated: 22nd May, 2022 11:19 PM (UTC)
