656 W Market St

• Property features 7 rooms on first level
• Two bathrooms and kitchenette on first level
• 1 bedroom apartment on second level
• Includes 657 W Mason Ave parking lot
• Great 9%+ CAP rate passive investment

Property Description

Available for sale is this cash-flowing rental property that features 7 rooms on the first level and 1 apartment on the second level. The private room rentals have shared access to 2 bathrooms and a kitchenette area on the first level. Each room is rented at $450 per month or $575 for double occupancy. On the second and third floor is a spacious 1,200 SF one-bedroom apartment with a long-term tenant. The apartment on the second floor has new electric service with the tenant paying their own electricity and heat. The current owner pays the water and sewer, along with the electric for the rest of the building. The current tenant has been in place for 3 years and pays $750 per month. The recently installed new furnace on the first floor provides extremely efficient costs for heat on that level. The property comes with 657 W Mason St as part of the sale, which is the parking lot to the rear. Currently, a nearby church uses the lot for free, but it could be monetized by the new owner. The property has a great 9%+ CAP rate, with room to grow to 12%+ with an increase in rents/occupancy!