149 W Ridge Street
Property Description
$75,000 GROSS INCOME | $60,578 NOI | 11.0% CAP RATE AT $550,000. This extensively renovated 5-unit multifamily asset combines strong current income, a highly rentable unit mix, attractive curb appeal, and more than $216,000 in documented improvements. The property includes two 3-bedroom units, two 2-bedroom units, and one 1-bedroom unit. All five apartments were substantially refreshed with repaired walls and ceilings, fresh neutral paint, mold-resistant coatings, subfloor repairs, durable wood-look flooring, updated kitchens with new cabinetry and countertops where required, renovated bathrooms with updated vanities, fixtures, mirrors, toilets, and tub surrounds, upgraded lighting and outlets, and replacement appliances where needed. The finished units are bright, clean, and highly marketable, offering generous room sizes, modern finishes, abundant natural light, and practical layouts designed to attract a broad tenant base. Common areas were also improved with fresh paint, durable wall finishes, stair safety upgrades, and added windows for natural light. Beyond the interiors, ownership addressed the expensive items investors worry about most. Major capital work included a complete roof tear-off and replacement, reinforcement of compromised framing from the basement through the third floor, engineer-stamped and city-approved structural repairs, rebuilt rear wall sections, installation of an air and moisture barrier, insulated vinyl siding, exterior painting, replacement energy-efficient windows, new fire-rated entry and apartment doors, upgraded locks and hardware, repaired stair framing, updated handrails and guardrails, electrical improvements, plumbing repairs, and a new interconnected 25-device smoke-detector system. The result is not a superficial flip, but a substantially improved income property with reduced deferred-maintenance risk and limited near-term capital exposure. The building presents with a clean, prominent residential appearance against a scenic hillside backdrop and includes five lined off-street parking spaces, public water and sewer, electric baseboard heat, separate apartment layouts, and low reported operating expenses. At the asking price, the property offers a projected 11% cap rate, immediate cash-flow potential, diversified rental income, and the long-term wealth-building advantages of owning a renovated multifamily asset rather than inheriting years of neglected capital work. Financials reflect current and projected rents; buyer to verify all figures.
Broker Details
Steel City Realty (484) 895-9005
MLS ID: dejesus State License Number: RM423820
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $550,000 |
| No. of Units: | 5 |
| Year Built: | 1929 |
| Lot Size: | 5,300.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $110,000 |
| Property Website | Click Here |
| Number of Bedrooms: | 11 |
| Number of Bathrooms: | 5 |
ID: 3yd-LVARPA-786724
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