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Key Details
Sold Price $1,650,000
Property Type Condo
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 30,213 sqft
Price per Sqft $54
Subdivision Foxborough Commons
MLS Listing ID 4283301
Sold Date 08/12/21
HOA Y/N No
Abv Grd Liv Area 30,213
Year Built 1975
Annual Tax Amount $20,862
Lot Size 1.050 Acres
Acres 1.05
Property Description
*CASH FLOW KING* Currently performing at an almost 9% Cap Rate with potential to hit WELL over 10% -this 36 unit is a STUD! Located in Perkins township near Sandusky mall and every store and restaurant you can think of. Consists of 3 buildings. Each building contains 12 units, 1 laundry room, a boiler room and security room. 50/50 split of 1 & 2 bedroom units. 100% Occupied. 3 units have just been placed at market rent ($600, $575, and $725) which is not reflected in rent roll. Most rents are under market value and should be at $575/725+ /mo in as-is condition. New updates include shingled roof, security systems, 10 units have been renovated, new washer/dryers, sliding doors and more. All 2nd and 3rd floor units have private balconies. Ample parking for all tenants. Property is self managed but expenses will reflect an 8% Property management fee that most buyers would require- still providing an 8% Cap.
Location
State OH
County Erie
Interior
Heating Hot Water, Steam
Cooling Wall Unit(s)
Fireplace No
Exterior
Garage Driveway, Paved
Water Access Desc Public
Roof Type Asphalt,Fiberglass
Parking Type Driveway, Paved
Building
Sewer Public Sewer
Water Public
Schools
School District Perkins Lsd - 2205
Others
Tax ID 32-03405.000
Security Features Security System
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Conventional
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Bought with Sajag S Patel • Keller Williams Elevate