2347 N 28th St 85008
6 Units – 2,980 SqFt Total
5 Units are 1 Bed / 1 Bath – 1 Unit is 2 Bed / 1 Bath
STATUS: FOR SALE
Subject property sits on a corner lot with plenty of parking and large lot. Each unit is individually metered for electric and gas. The property consist of 5 – 1 bedroom units and 1 – 2bedroom unit. We feel market rent is easily 800 for the 1 bedrooms and closer to 900 for the 2 bedroom after repair, with gross annual income estimated at 58,800.
We walked 5 of the 6 units and all 5 need an entire new subfloor, and we assume the 6th does as well. There are three buildings and all of them need new roofs. The interior of these units will all need to be redone with new kitchens, bath, and flooring. We estimate repairs at roughly 100K which should pencil out to roughly 13% gross ROI.
Multifamily is hot right now, and you can buy and hold here or flip for substantial profit once stabilized.
Tenants are currently responsible for gas and electric and landlord takes care of city services. We have no financials and are told all tenants are month to month.
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