Small multi-family (2-4 units) buy & hold investment in Albany.
Purchase price: $219,000
Cash invested: $54,750
Sale price: $219,000
Large 3300 sq. ft., 8 Bedroom 2 Bath, Historic brick 2 family home. Located 1 mile from Albany Med, Albany Law and Delaware Ave commercial strip. Enjoy beautiful views of Lincoln Park from 2 sets of bay windows located in the living room and the dinning room. The property has an ornate facade overlooking the park.
Cash on Cash ROI 19.26%, Pro-Forma Cap Rate 11.03%
What made you interested in investing in this type of deal?
As an Real Estate Investment Consultant, I assist NY & Calif. investors diversify their investment portfolio.
How did you find this deal and how did you negotiate it?
RPR real estate reports on all income properties.
How did you finance this deal?
Investors are using 25% down payments
Quick couple questions: are utilities separated including heat, what are the rents?
The photo of the house shows good bones. Could that be a driveway on the right side of the building?
Hi Marc, The utilities are separate for each of the 2 apts. The rents are $1600 for the 1st floor (present tenants) and listed for $1,900 on the 2nd floor. Utilities are not included in the rents. The property has a large backyard that faces an ally and a drive way may be possible from that direction. this property was selected because it has good bones and a great view of the Capital building across from Lincoln Park on a single-sided street. The Cash on Cash ROI was 19.26% on the BP analysis.
Let me know if I can locate properties for your investors.
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