3 bedroom house for sale

Overview

189 Pennington Avenue presents a compelling investment opportunity with significant upside potential through strategic management and market repositioning. This mixed-use property comprises residential and commercial units, offering a balanced and diversified income stream. The first-floor residential unit, previously rented at $900/month, is currently vacant, newly revamped, and available for lease at a market rent of $1, 300/month as of April 2024, representing an approximate 44.4% increase in rent potential. The second-floor residential unit, configured as a 2BR/3BR with a finished attic, is currently rented at $1, 160/month, which is significantly below market value. Given current market trends, aligning this unit with market rates could potentially increase rental income by 10-20%. The commercial unit, currently operating as a hair salon, is rented at $850/month, also below market value. There is an opportunity to negotiate future lease agreements in line with market escalations, potentially increasing income by 10-15%. The property's gross annual rental income potential, if all units are rented at current rates, is $34, 320. However, with adjustments to market rent rates, the projected annual income could rise to $41, 280. Recent renovations and market adjustments enhance operational efficiency, providing a strategic advantage for increased net operating income (NOI). The mixed-use nature of the property reduces vacancy risks and enhances overall financial stability, making it an attractive option for real estate investors. In a revitalizing area, 189 Pennington Avenue offers promising growth in rental income and property value, making it a lucrative investment opportunity.