Investor Special in Belmont – 12th South – Wedgewood – 1026 Wade Avenue – $199,900
Tri-plex with Unit B & C leased. Live in/convert to single family/lease out. Unit A renovated with Stainless Steel appliances, hardwood floors, new tile & security system. New roof in 2010. Great location in a swiftly transitioning neighborhood!
This is the front of the house and the entrance to Unit A. This unit leases for $650/month.
This is the side of this all brick tri-plex and the entrance to Unit B, which rents for $550/month. The entrance to Unit C is on the other side of the house and also rents for $550/month.
The Den in Unit A – Notice the Hardwood Floors. All Units are on Separate Electric Meters. No Gas. Water is all on the same Meter.
This is Bedroom 1 in Unit A. Hardwood Floors, Ceiling Fan. Bedroom 2 also has Hardwood Floors and a Ceiling Fan.
Stainless Steel Appliances and Space for a Washer/Dryer in the Kitchen of Unit A.
Capitalization Rate for this Property: 8%
Size = 2070 square feet
Occupancy = 92%
Rent = $10.14 per square foot per year
Operating Expenses = $1.22 per square foot per year (12%)
Operating Reserves = $0.71 per square foot per year (7%)
Gross Possible Income = $21,000
Less: Occupancy – $1680
Less: Operating Expenses – $2525
Less: Operating Reserves – $1470
Equals: Net Operating Income (NOI) = $15,325
$15,325/$199,900 = 8%