58 bedroom house for sale

Overview

3075 E. Cheltenham is a renovated 60-unit apartment building. The building comprises four different floor plans, which are broken down into (2) studios and (58) 1bd/1ba units. The property was built in 1951 and has undergone an approximately $2.5MM comprehensive transformation, featuring significant capital improvements including, but not limited to, new windows, doors, plumbing, electrical, and boiler systems. The parapet walls have also been extensively replaced, and the roof has been repaired to ensure the building's structural integrity. 3075 E. Cheltenham has the potential to generate an annual gross income of approximately $719, 069 and a net operating income (NOI) of $477, 152. Resulting in an 8.02% cap rate on the asking price. This investment has a positive cash flow and a high return on investment. The cash flow after debt service is projected to be $133, 582 and an estimated 13.43% total return in year one. This property provides an investor the opportunity to purchase a fully renovated, well-maintained, and strategically located property in a neighborhood that is growing. Nearby development called The Thrive Exchange , is a $100MM investment to revitalize the corner of 79th Street and Exchange located just a stone's throw away. There are several scenarios for value creation and appreciation, such as leveraging the property's prime location, enhancing the property's curb appeal and reputation, capitalizing on the market demand and rent growth, and benefiting from tax advantages and incentives of owning and operating a multi-family property in South Shore. This investment aims to offer the residents of the South Shore neighborhood a high-quality and cost-effective housing option while also providing a sustainable and profitable investment opportunity for the new owner. The current loan with CIC can be assumed (some restrictions can be applied). An Offering Memorandum can be made available upon request.

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