Property Description

LISTING PRICE: $367,500 2-Unit | 7-Bedroom Investment Property with Strong Rental History Fully leased for the 2025-2026 and 2026-2027 school years, this fully furnished property offers immediate and reliable income. The building features two units: a 2-bedroom / 1 full bath apartment and a LEGAL 5-bedroom / 1 full bath apartment, plus a shared basement laundry room equipped with two washers and two dryers. Apartment 1 has been newly renovated with vinyl plank flooring and fresh paint. Apartment 2 has also been freshly painted and features hardwood floors on the second level and carpeting on the third floor. Conveniently located near downtown, the college campus, and bus routes, the property offers strong tenant appeal. All inspections have been completed, and a Certificate of Compliance is in place through 2029. The seller is a licensed real estate broker. This is an excellent turnkey investment opportunity with proven cash flow. History: 2024-2025 School Year: GROSS INCOME: $58,000 NET OPERATING INCOME = $41,221 2025-2026 School Year: GROSS INCOME: $51,000 NET OPERATING INCOME= $36,111 2026-2027 School Year: SIGNED GROSS INCOME: $53,000 NET OPERATING INCOME: $38,111 (Group of 4 signed at $4400/semester/student with a 5th that tentatively plans on signing this spring. When the 5th is signed, rent for all 5 is $4000/semester/student) POTENTIAL GROSS INCOME: $57,800 POTENTIAL NOI: $42,911 TOTAL EXPENSES: $14,889 Land & School Taxes = $7,389 Insurance = $1,500 Heat/Electric = $3,500 Cable/Internet = $1,200 Garbage = $500 Water/Sewer = $800 Cap Rate: 10.37% (Potential Cap Rate: 11.68% )

Property Features

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