Great Deal Alert $875,000 - Triplex
OK, I believe I mentioned this one once before but it bears repeating. First of all, this one “pencils out” pretty nicely as is, but it also has major upside with an opportunity to become even a much better investment in the near future. Here’s why:
Currently, it makes about $5700/mo. At that figure, after all expenses including mortgage, one nets approximately $1200/mo or 6.6% return on investment. However, two of the tenants are paying only $1100/mo each and if/when they can be vacated and you can get in and renovate, the rents should easily go up to $2300/mo each, if not more.
The unit mix is as follows: a 3-bed, 2-bath, about 1300 sq ft and two 2-bed, 1-bath, that are each 850 sq ft. The 3-bed is newly renovated and in mint condition with central heat and air and laundry hookups. There is plenty of parking and some yard as well. It is in a pretty good location in Atwater Village. And, best of all, it is not on the market. By the way, if you can get those tenants out (I am happy to help you negotiate that), it could even be a pretty good flip. I “guesstimate” that after you get the 2-beds up to market rents, you will have a property that might even sell for as much as $1.4 million.
Let me know if you are interested, or know someone who might be.