Great Investment! 8 unit apartment building in Opportunity Zone! ALL 3 BED 2 BATH ! 100% Occupied. Built in 1998, re-roofed in 2018, exterior renovations in January 2021, additional capital improvements includes 2 new a/c units installed in June 2021! Dedicated to affordable housing! 6 units are with Section8 Tenants, 2 units with tenants paying reduced rent. Current monthly gross is $11,197! Tenants pay for FPL, landlord pays for W&W.
Rent increase potential of $14,000 in year 1 by bringing all units to the same price of $1,650 (and there's even room to increase more)
Actual Cap: 5.27% (w/ vacancy!)
ProForma Cap: 7.3% (only by bringing up all rents to same current price).
Opportunity Zone Capital Gains Benefits!Tax Credits due to affordabel housing program!
Two addresses: 1050-1070