2600 6th Street
Property Description
Great investment opportunity featuring a 44-unit apartment community comprised of 2BD/1BA units (~900 SF) across 10 buildings. Property maintains strong occupancy (~95%) with recent leases achieving $875-$895 per unit, plus a $50/month utility reimbursement for water, sewer, and trash. Tenants pay electric, providing low owner utility exposure. Current ownership has implemented a proven rent growth strategy, with continued opportunity to standardize remaining units and increase income. The property generates approximately $278,000+ in net operating income, offering an attractive ~9% cap rate at the current list price. Recent improvements include HVAC upgrades, unit renovations, and a new lift station (2020), reducing near-term capital expenditure needs. Additional updates throughout include flooring, paint, appliances, and mechanical improvements.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,000,000 |
| No. of Units: | 44 |
| Year Built: | 1985 |
| Lot Size: | 34,212.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $68,182 |
| Number of Bedrooms: | 88 |
| Number of Bathrooms: | 44 |
ID: 3yd-BMLSIN-202611761
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