Est. Mortgage: $/month
MLS Number 72553031
- Land Residential
- Next Open House: Sat 24th 12:00 pm - 12:30 pm
- Acreage 0.09
HUGE single family in high density MFR MULTI-FAM ZONING in Fort Hill, w/ potential to build 4 townhouses as-of-right, or convert building to 2 or 3-fam! Property was fully renovated in 2015-2016 and is currently a 7 bed 2.5 bath rental w/ all new electrical and plumbing, granite and stainless in kitchen, in-unit laundry, driveway parking, etc! Rented for $5,200/month, this property has a CAP RATE of 8%! Current tenants just renewed for their 3rd year - LEASED UNTIL 8/31/2020. Tenants also pay ALL UTILITIES including water/sewer, and they are responsible for snow shoveling and yard work, making this property extremely easy to manage. Opportunity to increase rent to ~$5,600 next year (current tenants have been at $5,200 for 3 years), or potentially build 4 large townhouses, commercial, or convert existing building to 3-fam. Similar sized lot 3 doors down is about to break ground on 4 large townhouses, which was an as-of-right development in same MFR zone! Buy and hold or build up!
Listed by Dillon Brennan of Dillon Brennan Realty