1132 N Evergreen Avenue

Description

Finally, a multi-family that actually cash flows, even with today's interest rates! Not only that, but you have tenants in both the front unit and rear unit who are not likely to be there forever. They are young professionals who are upwardly mobile, so you should look forward to getting market rents on those units sooner than later. By the way, I have met all the tenants and they are all very affable and cooperative,which is a big plus. The middle vacant unit is waiting for your touch to make it into a high rent unit. If you look at photos 4 to 13, that is the rear unit, which used to look exactly like the middle unit, which you see in photos 14 to 22. As soon as you spend $50K, give or take, on the middle unit you will make it look exactly like the two bed rear unit. Section 8 will fetch you $3052/mo in rent. Even if you don't want to go the Section 8 route, you will get close to that rent even with conventional tenants. The front unit could stand some updating but is basically in good condition. If/when those tenants leave you will spend a minimal amount of money to make it into a much higher rent unit.Each unit has it's own garage and there is an additional parking spot just alongside the garages. Each unit has it's own laundry hook-ups as well. Also, importantly, you are buying from responsible owners who have taken care of the property, so it should stand up well to a licensed home inspection once you are in escrow. They love the property and are only selling it because they are close to retirement and do not want to be landlords anymore. According to owners, they have recently updated the plumbing and electrical in the rear unit. The roof is only 9 years old according to the owners and the foundation was retrofitted right around the same time, plus the sewer line from the structure to the street has been recently replaced with a new sewer line. Bottom line, you are acquiring a property that a) cash flows, b) has very good upside and c) will not be a 'money pit.' Basically, everything a real estate investor is looking for in a property. So, come and get it! Middle unit can be shown anytime.

Listing information courtesy of: Ken Shapiro, Silverwood Properties . *Based on information from the Association of REALTORS/Multiple Listing as of 10/20/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.