Fully renovated and leased out 5-Unit property in Cherokee Point. 3 detached craftsman cottages and 2-story Duplex in the back (5 units total). Community is fully landscaped with outdoor spaces, dog run, auto sprinklers to keep it looking great and a block wall privacy and security gate. All three detached cottages are 2 bd/1ba with private patio/yards and laundry hookups. There are 4 single car garages that can be converted into 2 additional 1bd/1ba units. PLUS a great common space for each unit to have as their own outdoor seating or entertaining area. Inside the cottages have been totally renovated with new kitchens cabinets and countertops, sinks, new appliances, new flooring, new lighting, new flooring, fresh paint, and AC & heat system. The duplex consists of (2) 1bd/1ba units also completely renovated and share a common laundry room downstairs. Fully gated & safe community with privacy from the neighbors with mature tall trees. Less than one block to park and school. This property has tons of opportunity to live in a unit and rent out the rest or for multigenerational living. Units are fully released out with 12 month contracts at market rates making its easy for an investor to start earning cash flow immediately. Property selling at 5.86% cap rate with current expenses and sales price. A feasibility study was conducted showing the cost and timeline for the garage conversions. Also the property is located in a TPA zone allowing you to build up to 16 additional units on the property. The feasibility study shows that information as well.

Listed by Seth Struiksma of Compass 7144484699



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Data last update at 2024