10,000 Square Foot Multi-Family Space For Sale @ 25 Merrick St

Three-story wood framed 6 unit multi-family dwelling. There are 5 one-bedroom units and 1 two-bedroom unit, the 2-bedroom unit has same square footage as the 1-bedroom units but was remodeled into a 2-bedroom unit. Tenants pay all utilities, i.e., gas heat, electric and hot water. Roof, vinyl siding, back porches and vinyl replacement windows installed in 2011. Owner has lead certificates on all six units. There is on-site parking for about 8 cars plus a large fenced green area to side and behind the property. With the exception of one tenant, all tenants are month to month. Actual income used in year 1 and then increased 3% per year and expenses increased 5% per year. Based on 80% LTV, 5% 20year mortgage, the cash flow before taxes in year one is estimated to be $9,145 or about 13% return on investment and about 25% factoring in principal reduction. Nice clean investment property with a good rental history. Overall capitalization rate is 8.9%.
Property located on residential street off Main St between Main and Union. Easy access to all neighborhood amenities. Rents could be easily increased over the next 12 months. Property is 100% rented.