3605 West Palmer Street
- Extra-wide 37.5' lot at Palmer St and Central Park Ave
- L-shaped building with four exterior parking spaces
- Tear-off roof installed in 2016 and exterior porches built in 2007
- Value-add asset with stable income in-place. Opportunity to stabilize at a 6.7% return-on-cost
- Listing agent has ownership interest.
Property Description
3605 W Palmer is a 7-unit building on an extra-wide 37.5' wide lot. The buildings is comprised of (6) 2 Bed / 1 Bath units and a garden 1 Bed / 1 Bath in the front. At the rear of the building are four exterior parking spaces, large exterior porches, and a small shared yard. It is an L-shaped building allowing for wide units with comfortably sized bedrooms and ample light. The building is served by a steam boiler with common area laundry. The exterior porches were built in 2007 and the roof was torn off and replaced in 2016. Average rents in-place are $1,850 with a potential +6.9% mark-to-market available to meet market rents of $1,978. Building is being listed at a 10.2x gross rent multiple or a 6.0% in-place cap rate. If stabilized at the current market rents, the building could achieve a 9.4x GRM and 6.7% return-on-cost with minimal capital investment.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,595,000 |
| No. of Units: | 7 |
| Lot Size: | 0.11 Acres |
| Opportunity Zone: | No |
| Price per unit: | $227,857 |
| Property Website | Click Here |
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