16703 Harvard Road
- Property Highlights:
- 6-unit multifamily asset with a strong unit mix: 3 one-bedroom / 3 two-bedroom
- In-place NOI: approximately $43,068 annually
- Offered at $525,000, delivering an in-place cap rate of approximately 8.2%
- Value-add opportunity with immediate upside through leasing the vacant unit and optimizing rents, enhancing cash flow and overall return
- Tenants pay gas and electric; owner covers water/sewer, common electric, insurance, taxes, and maintenance
- Recent capital improvements enhance long-term performance and reduce future CapEx:
- New sealed roof with built-in drains (2024)
- New hot water heater
- Foundation moisture barrier installed at rear of building ($10,000)
- Updated flooring, paint, and select appliances
- On-site parking lot
- Well-maintained, income-producing property with immediate cash flow and value-add potential through lease-up of vacant unit and rent optimization
Property Description
Well-maintained 6-unit multifamily property featuring a desirable unit mix of three 2-bedroom apartments and three 1-bedroom apartments. Only one unit is currently vacant (can be leased prior to closing). The remaining units are occupied, including long-term residents, with one unit on a month-to-month lease. Recent capital improvements include a new sealed roof (2024), new hot water heater, and a foundation moisture barrier installed at the rear of the building, along with updated flooring, paint, and select appliances. The property also features an on-site parking lot. Tenants pay gas and electricity; the owner covers water, sewer, and trash. This is a low-maintenance, income-producing multifamily investment in strong rental condition with upside potential. No showings without a written offer.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $450,000 |
| No. of Units: | 6 |
| Average Occupancy: | 9.57 |
| Year Built: | 1965 |
| Lot Size: | 0.13 Acres |
| Opportunity Zone: | No |
| Price per unit: | $75,000 |
| Property Website | Click Here |
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