Description

***PRICE REDUCTION***Discover a prime investment opportunity with this 100% occupied 4-UNIT property in Historic Riverside, featuring a desirable unit mix of three 1/1’s and one 2/1. Current avg rents are substantially below market with average in-place rents of $935 per unit. There is significant potential to increase rents to market by renovating interiors with modern finishes and in-unit washer/dryers (the 2/1 has existing washer/dryer hookups). The roof was replaced in 2019. All utilities are submetered. Tenants will appreciate the off-street parking in the of the building, enhancing convenience and security. The property is within walking distance to Five Points and Riverside Park. It is also a short drive to Brooklyn, downtown, and San Marco, providing easy access to many area attractions. This property provides an excellent opportunity for a variety of investor types. An owner occupant could utilize Fannie Mae’s 5% down program for multifamily properties. An investor could enhance revenue through furnished and short-term rentals, which are popular in the area due to local employment drivers (St Vincent’s, Downtown, Brooklyn) and local points of interest (Shoppes of Avondale, Five Points).