SOLD $564,950 - Multi-Family
52nd ST Duplex – Easy Conversion to Quad
This property was built with intended use as 4-plex. It is currently a duplex with 3 large beds and 2.5 baths per unit.
Easily converted to 2x 3 bed/1.5 bath and 2x studios for 4 units total.
Once converted, compare rents at $1600 for each of the 3/1.5’s and $800 for each of the Studios, for gross rents of $4800/mo!
Estimated ARV once converted to 4-plex:
$4800/mo Gross Rents x 12 mos x 0.7
(30% expense ratio) = $40,320 divided by 5.5% cap rate = $733,000.
Back unit currently rented just under market rent for $2000/mo; lease to Dec. 2021.
Front Unit is currently rented month-to-month at $1900
Separate stairway access already for what would be converted to studios, each unit would only require one doorway framed in to close off the studios from current space.
Bathrooms in place, dryer vents in place, water and drain available in wall for kitchenettes to be set up. Back of property has alley access, wall demoed and ready for a gate and potential secured parking in back, also lots of room in front yard for 2-3 parking spots.
Neighboring multifamily properties have approved alley access and gates in place.
Minor drywall repair needed in garages, seller was in process of repairing a water line that leaked.
Living Space: 3,626
Lot Size: 7,801
Year Built: 2007