Wholesale multi-fam property available in Ansonia Connecticut. $64K

[Shvonne C.]

Multifamily on quiet dead end street with additional lot.

                                    Asking Price: $64,000

CASH INVESTORS TAKE NOTE! Two unit multifamily on quiet dead end in north end of Ansonia. This property can be money in the bank! Features 5-6 bedrooms and 2 baths. 1st unit has kitchen, living room, bathroom and two bedrooms on main floor. One room on finished lower level can be used as bonus or 3rd bedroom. 2nd unit has kitchen, living room, bathroom and one bedroom on main floor. Two bedrooms on upper floor. Rehab started on 2nd unit. Property will need $20-30k in work. Less than 1 mile from Ansonia train station and on CT Transit bus line. Close to convenience stores and restaurants. Separate utilities. Natural gas heat. New furnace. Some new windows, electrical and plumbing. Cash offers preferred, sold as is. Photos can be seen here: http://bit.ly/1pEQonA

Sale includes adjacent lot #34 in purchase. Lot is .08 acres. Land is heavy industrial zoned and can have a max of two family or small shop built on the land.

Unit 1: 2br* + 1ba / Rent: $900-975

Unit 2: 3br + 1ba / Rent: $950-1050

* Unit 1 could become 3br + 1ba

Asking Price: $64,000

Cap Rate: 9-11%

Year Built: 1880

Lot Size: .09 Acres

Square Ft: 2125

NOI: $10,589 - $12,414

Pro Forma

Income

Gross Income: $22,200-24,300

Vacancy: 13%

Expenses

Taxes: $3,200

Insurance: $800

Maintenance/Landscaping: $2,000

Turnover/Replacement: $1,500

Owner Utilities: $1,200

Comps

Address             |   Bed/Bath   |   Sale Price   |   Sq Ft

38 Johnson St    |   4br/2ba      |   $105,000    |  1430

235 Beaver St    |    4br/2ba     |   $134,000     |  2293

114 Myrtle Ave   |    6br/2ba    |    $189,900    |  1856

For other information, contact:

Shvonne Craig, [email protected], 203-307-5113