The Rock Street Apartment building was built in 1920. I love the classic brick look and balcony. There are 18 1 bedrooms and 6 studios.
in truth, I had never imagined owning a storage building. However, maintenance costs are low and most people who rent the garages are long-term renters.
Originally the manager's house. The home is clean and well-maintained and has an additional detached garage.
The apartment building, storage garage, single family home and parking lot (24 spaces, not shown) were listed on the MLS for $1.325 million. I was able to negotiate the purchase price down to $1.14 million.
I recognized this as a value-add deal. Studios went for $425/mo. and the 1-bedrooms went for $525/mo. Storage garages were $50/mo. There was no rent coming in from the house since the manager stayed there in lieu of rent.
Studios are now $525 and 1 beds $625. The house is $1000/mo. Garages are $100/mo. NOI went from 92K/yr. to 120K/yr., increasing the property value from $1.14 to 1.4 million. Estimated cash on cash return should be 15%.
I would love to help you look for deals similar to this one. I'll help you analyze the financials to make sure that everything is accounted for. We'll take a look at expected rents, in order to determine your Net Operating Income (NOI). Finally, I'll use my negotiating skills in order to help you get the best deal.