19 Unit Value-Add Apartment Building

Opportunity to purchase a value add property located just a short walk to all of the shops and restaurants on S. Grand. Built in 1926 with seven 2-bed apartments, seven 1-bed apartments, 3 studios, and two commercial spaces. There are a number of renovation projects happening close by, with rents continuing to rise in the neighborhood. The commercial spaces are approximately 1,920 sq ft and 1,480 sq ft and would generate approximately $12 per sq ft. The building has been gutted and is ready for rehab. Permits have been previously approved for construction. Projected market rents after renovation are $1,200 for the 2 beds, $900 for the 1 beds, $695 for the studios. The commercial spaces have rent projections of $1,920 and $1,480, respectively. The building has a garage on the lower level for the tenants. There are building plans available to review at https://adobe.ly/40kXHu0. Property needs a full renovation and is being sold as-is.