SOLD
4193 Illinois Street
4193 Illinois Street
4 Units
Priced at $920,000
Suggested offer Price mid 800s.
The good...
@ 875 your at 210 a sqft in North Park. (not Bad!!!)
Put in capital expenses and you should be north of a 6.6 CAP on achievalbe market rents.
.. Then you will have practially a new building in the center of an area with huge upside generating 6 percent cash on cash. (with Management & Reserves included)
Conservative Estimated value of repaired property is 1.1(5 CAP/ 14 GRM)
Size: 4196 rentable SQFT
Lot 5,001 SQFT
4 Parking Spaces
Unit mix:- Three-2 bed 1.5 bath town homes
&
a 3 Bedroom 1.5 bath town home
All units have private patios and a parking space
New Roof (which included extensive wood repair)
Plumbing (water supply) is out of the Slab
Area is experiencing surge of investment.
Units plumbed separately (could be separately metered)
Plumbing (water supply) is out of the Slab
The Bad-
Capital Expenses estimate 80-120K
Replace Sewer Line
Electrical Panel & Wiring work
Upgrade power supply/ Breakers
No GFCI'S
Possible Mold
Concrete Grinding/ remove and replace
Remove- Magnolia tree
Properties in close proximity are getting a surge of Capital.
Remove bars on Windows
Replace windows
Paint/ redesign exterior
Repair rattling pipes inside walls
Replace gas connectors on heaters- Need flex lines
Remove bars on Windows
Replace windows
Paint/ redesign exterior
Repair rattling pipes inside walls
Replace gas connectors on heaters- Need flex lines
All units need remodeling- Full on remodels Kitchens, Bathrooms and flooring
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| Yes- That's silver wall paper & asbestos flooring |
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| Yes- Drains are plugged |
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| Upstairs bedrooms |
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| looking at yard from bedroom |
