16 units for sale Madison WI, 152k gross income
Price: $1,350,000. Gross income: $150,000. GRM is 8.97, which is low in relation to the sold comps, which average out to be 9.22.
This includes a 4 unit & a 12 unit that are right next to each other. They are at 4410 & 4414 Dwight Dr. The four unit has all 2 bedroom apartments & the twelve unit has all 1 bedroom apartments.
We replaced both roofs last year & we went top of the line with those. We've made improvements to several apartments this summer. East Towne mall is essentially across the street, and it is undergoing a huge renovation- they are adding a pub, a restaurant, new stores & a movie theater to the mall. The properties are in the Sandburg neighborhood, which has a community garden, some conservancy space & a splash pad.
There is room to raise the rent on several of the apartments.
Both buildings are on boiler heat & each building has 1 boiler, so landlord pays heat & water/sewer. Tenant pays electric. The 2 BRs have 2 off street parking spots & the 1 BRs have 1 off street parking spot.
Qualified buyers only, please. Seller is a licensed Realtor in the state of Wisconsin.