Spacious 2 & 3 bedroom 20 Unit apartment complex excess land to build an additional 20 units (permitted density in R-3 zone is 16 units/acre (2.52 acres x 16 units acre = 40.32 units.) .No formal approvals in place for the additional 20 units. Rents on existing units are well below market with substantial upside. Current NOI $121, 400 – 5.41% cap rate at $2.25M purchase price and a 6.7% cap rate at proforma NOI of $150, 400. Proforma NOI is closer to 7.7% after backing out $300K for the excess land. Land Development Opportunity for additional returns. Buyer and buyer agent to verify all. Listing agent has a fractional ownership in this property. Do not disturb tenants, no showings without an accepted LOI or offer. This property was built around 1944. It is around 28700 square feet which probably includes 51 bedrooms and 20 baths.
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