1006 E HIGH Street
Property Description
VALUE-ADD 4-PLEX WITH SIGNIFICANT INCOME UPSIDE! Opportunity awaits in the heart of the historic downtown district with this all-brick, four-unit investment property ideally located near the new River City Market, restaurants, schools, shopping and downtown amenities. Long held by the same family, this property is now being offered for sale as part of an estate. Rents were never adjusted to reflect current market conditions, creating a compelling opportunity for the next owner to reposition the property and unlock its income potential. The building consists of four 1-2 bedroom, 1-bath units, with two units currently occupied and two vacant--giving a new owner the ability to begin improvements and lease-up immediately without having to wait for tenant turnover. Current total rent is reflecting substantially below-market legacy rents. Based on projected market rents, the property has an estimated pro forma gross rental potential of approximately $2,600-$2,900/month once fully leased and rents are brought closer to market. At the asking price, this is an opportunity to acquire an all-brick multifamily property in a desirable downtown location with substantial room to increase revenue and build long-term value. Adding to the property's versatility, the property is zoned C-2 Commercial, potentially opening the door to additional uses or redevelopment possibilities subject to applicable zoning, historic district requirements and governmental approval. Buyers are encouraged to independently verify permitted uses. Whether you're looking to expand your rental portfolio, renovate and reposition, or acquire a multifamily asset with built-in upside, this property offers something increasingly difficult to find: a low existing income base with a clear path toward significantly stronger performance. Two vacant units. Below-market rents. Prime downtown location. Significant upside. Bring your vision and unlock the potential.
Broker Details
Gordon Real Estate, LLC (573) 230-5496
MLS ID: 86_52 State License Number: 2009028263
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $245,000 |
| No. of Units: | 4 |
| Year Built: | 1920 |
| Lot Size: | 4,512.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $61,250 |
| Property Website | Click Here |
| Number of Bedrooms: | 4 |
| Number of Bathrooms: | 0 |
ID: 3yd-JCABRMO-10074054
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