2638 Fieldstone View Lane SE

Property Description

This fully renovated quadruplex has two units with 3 bedrooms and 2 baths, and two units with 3 bedrooms, one full bath and two half baths. Each unit is thoughtfully appointed with modern kitchen appliances, spacious living rooms, and private patios overlooking a large shared yard. The property also offers private parking pads and backs onto a tranquil greenbelt, providing a peaceful environment that is highly attractive to tenants. Located just 12 minutes’ drive from the newly established Archer Aerospace and Rivian manufacturing plant, which are collectively adding over 8,000 jobs to the area, the property benefits from robust tenant demand and growth in the local rental market. The combination of recent renovations, tenant-covered utilities, and a prime location makes this property a lucrative addition to any investment portfolio. This is an exceptional investment opportunity, boasting a strong CAP rate of 7.56%. Appraised at $855,000 after $120,000 in renovations completed in early 2024, the property spans an impressive 5,334 square feet. Assuming a 6.3% interest rate and full occupancy, the property can generate a combined projected monthly income of $5,360 and an annual gross income of $64,320. With an estimated annual expense rate of 16% of gross income ($10,291.20), the property delivers a Net Operating Income (NOI) of $54,028.80. Projected Growth and cap rate: leased on full occupany rents at $1,600 you will have a cap rate of 9.02% and a positive annual cash flow of $24,720. Offering steady cash flow and long-term wealth-building potential, this is a high-performing investment property! Upgrades include all-new or recently serviced AC units with a minimum life expectancy of seven years, ensuring low maintenance costs for years to come, as well as new flooring, new appliances, and freshly painted. ***No showings until due diligence period. All units are occupied. Please do not disturb tenants.*** Seller is willing to buy down rate with an acceptable offer.