Apartments For Sale
7,896 Sq Ft
6 Unit Apartment House with a Bonus 3 Bedroom House on the Alley. All on a double lot. The apartment building suffers from years of deferred maintenance. Some structural issues have been addressed but there are still others that need solving. It might be more cost-effective to demolish the apartment building and start over. Free-standing house is in better shape than the larger building. This property is ideal for contractors, builders or developers who could get what's needed done at wholesale. It's not a small job. There is a full height basement that had previously been living space with windows and a walk out in back. If permitted, that space could add even more value to this property. Possible creative financing. Building is currently partially gutted with one ground floor unit in the apartment building occupied as well as the 3 bedroom rear house occupied. Both tenants are month to month. Five apartments in the building are vacant and mostly gutted.
This property is located in an Opportunity Zone which has even great benefits than a 1031K Exchange. - Properties purchased with or restored with capital gains and held for ten years or more, can have capital gains taxes completely eliminated (speak with you accountant to confirm if you and this property are eligible).