Solid Brick six (6) unit apartment building. Located at 201 Reifert Street and close to everything. The building has two(2)units which have 2 bedrooms, living room, equipped kitchen and bathroom. Both units have been updated. Unit # 5 is rented for $650 + gas and electric and unit #2 is rented for $850 plus gas. Unit #3 , tenant just moved out and was rented for $750 + gas and electric.
The other three (3) units consist of 3 bedrooms, living room, equipped kitchen and bathroom. They are all currently vacant. When they are rent ready they should be rented at $850 plus gas and electric each. All 3 need new bathtubs, vanity sinks, bathroom floor tile; kitchen sinks, kitchen floor tiles, new paint and carpeting.
Units #3,4,5,6 all have the gas forced air furnaces located in the apartment. The furnaces for units 1 and 2 are located in the basement. There are six(6) hot water tanks located in the basement. The units have fuse boxes in the basement and circuit breakers in each of the apartments.
Estimated cost of renovations = $20,000.
The building across the street which is identical was appraised for $225,000 in October.
Current rent is $650 and $850 = $1,500/month.
When renovations are completed to the vacant units the total rent will be = $4,900/month
Selling apartment building "AS-IS" for $160,000. Cash buyer preferred but will consider owner financing with a substantial down payment.