Investor Special in Belmont – 12th South – Wedgewood – 1026 Wade Avenue

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!

1026 Wade Ave in the Belmont / 12th South / Wedgewood Area

This is the front of the house and the entrance to Unit A.  This unit leases for $650/month.

The Side of 1026 Wade Ave - all brick tri-plex

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 - Beautiful Hardwood Floors!

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.

Bedroom 1 in Unit A in the Belmont / 12th South / Wedgewood Area

This is Bedroom 1 in Unit A.  Hardwood Floors, Ceiling Fan.  Bedroom 2 also has Hardwood Floors and a Ceiling Fan.

Kitchen in Unit A of 1026 Wade Ave in the Belmont / 12th South / Wedgewood Area

Kitchen in Unit A of 1026 Wade Ave in the Belmont / 12th South / Wedgewood Area

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%