The main building is 2,000 sf and has a current layout of a duplex, the garage area is about 890sf.
Each main unit is 3 bedrooms and 1 bathroom at 1,000 sf. The play would be to convert the garage into a 2-bedroom 1 bath unit to make it now a triplex. OR you save the money from the garage conversion and rent it out as a storage unit.
Rehab is straight forward for the main units, updates throughout. The garage is an open canvas, configuring a 2/1 layout can be easily done. Plumbing and electrical available in the garage also. The building shares one water meter, an investor should include that utility in rent. Three separate meters for electrical (garage meter missing). Roof has been resealed 8 years ago per seller. We can see a savvy investor getting the rehab done for much less (10k-15k for each main unit and 20k-25k for conversion).
This will be a rental cashflow opportunity ($1,000+) as there isn't really much value we can prove as flipped sold multifamily going back 6 months. The three sold comps go back to September/November/December and are all fixer upper multifams. At $130,000 we will be the cheapest sold going back a full year.
Vacant on combo, let’s go see it!
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