Business for Sale Overview:
10 Unit Apartment Income:
3 Units consisting of: 1 – 1 BR. 1 – 1 BR. With den, 1 – 2br., at $650 per month.
1 1 - BR. unit at $450 per month.
6 – 1 BR. units at $550 per month.
Total rent is $68,400 a year. Annual expenses are approximately $12,000 to $13,000 a year including annual taxes: City-$4,180 and county-$3,147. Insurance runs $1,544 per year. Water is paid by the landlord and averages around $500 per quarter.
Additional income potential are 10 storage units at $20 per month And 7 parking spaces at $20 per month. Currently the seller believes that 3 or 4 of each are rented although this is not included in the income figures.
Units are separately metered for electric, water is paid by landlord. Building was constructed in 1911. All units have baseboard electric heat. A/C is from window units supplied by tenant. No separate HVAC other than above. Electric water heaters are in each unit. Appliance in each unit are refrigerator and stove. Coin Laundromat in basement – revenue is split 50 / 50 with machine supplier who also maintains the equipment. Average income is $50 per month. Building repairs average $1,000 per year. 6 or 7 of the units have been recently updated with carpet and ceramic tile in kitchens and baths, new refrigerators. Building entry foyer is marble. All units have been inspected and permitted, although being an old building there is lead paint under the existing paint. Annual operating expenses are in the $122 – $13,000 range. The above information has been supplied by the seller.
For more information regarding this listing please contact us by completing the "Contact the Seller" form to the left. We look forward to hearing from you.
Property Features and Assets:
Building Size: 7,210 Square Feet;
Construction: Brick; Parking Spaces 7.
Additional Details:
- The property is owned.
- The owner may be willing to train/assist the new owner.
- This is not a homebased business opportunity.
- This is not a franchise resale opportunity.
- This is not a distressed business or bankruptcy situation.