2515 Woodlawn Street

Description

*Owner Financing Available* Located in a quiet neighborhood of long-term homeowners, you will find this exceptionally well-maintained income producing property with available owner financing . Consisting of 4 residential apartment units, 1 office space and 16 storage units, this property is an excellent income producer that spreads out risk through diversification. The tenants are long term quality tenants, and have always leased easily. Each apartment has quality oak flooring throughout, solid doors, new windows and well-maintained fixtures. The dwelling units have a separate locked storage room in basement with complete laundry hookups, adding a huge value for tenants. Most major components are new; and the improvements the owner has made over time have reduced the operating expenses by 32% even in the face of rising costs. Each apartment has been separately metered, even down to separating water, a rarity in similar properties. Each unit has a separate gas-powered boiler, as well as gas hot water heater, and is separately metered for gas and electric. The water is sub-metered so it can easily be billed back to tenant, which current ownership does once per quarter. Current ownership has done many property improvements, like low maintenance landscaping to save money while providing an attractive rental for residents. The careful maintenance this income producing property has benefited from has produced a healthy return and resulted in easy management.Storage units have leased very easily, mostly to the local captive audience close to property, and provide an low maintenance income stream, with rents collected every quarter. NOI is $47,650. Property provides significant upside in rents and low maintenance cash income.