Located just north of the downtown skyline in the historic Wells Park neighborhood, this 12 unit apartment price reflects the overall condition and upside potential.Property contains small units that average $561 a month in rents. Measure of investment performance at the starting ask price of $499,000 include a GRM of 6.18, a 8.70% Cap rate (after reserves, 9.10% before), 11.50% Cash on cash, and a 18.80% after tax IRR.Recent appraisal was $572,000 - and recent comps indicate a value closer to $533,626, and if the average rent was increased to market of $729, that comparable sales price a 11.9% CAP rate.In short, this property is all upside.Co-Listed with Chuck Sheldon of T & C management.
DIRECTIONS: From Lomas & I25, West On Lomas To Fourth, North On Fourth To Property. Located On Sec Or Constitution And Fourth
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