3700 Pasadena Street

Description

Commercial minded investors are always looking for a great building that offers both value add, as well as long term appreciation. This is the play. The building is very well maintained. There are 10 total units with 8 (1 Bed) and 2 (2 Bed). Currently eight units are occupied and paying rent each month. One unit is fully turned and vacant Ready to rent. We will place that tenant soon. We have increased interest in the vacant unit and are currently taking applications. There is one last unit currently in eviction ststus. This eviction should be final prior to close. You can take over this asset with 90% occupancy. Only 1 unit to turn and youll be fully performing. Or we can place the new tenant prior to the sale. The current rents are below market so there is also a ton of room to improve the building by increasing rents overall. There are multiple gas meter hookups to split utilities, or initiate rubs to offset costs for the next owner. The NOI here can be increased greatly making this achieve over 10% CAP with only some minor improvements. This can also be sold as a package to include 3730 Pasadena which is directly next door. Its a 3 bed property that is fully performing. Rented for 1100 per month. This area has undergone millions in upgrades over the last 2 years. If you're looking for long term growth this would a place to consider. This can also be packaed with 3730 Pasadena which is the SFR located right next to the building iside of the fenced lot. This would be for an addtional cost to add it to the 10 unit deal to make 11 total units. Motivated seller willing to negotiate.