29 Avon Pl

Discover an outstanding investment opportunity with this four-story walk-up apartment building, spanning 9, 000 square feet and offering an impressive cap rate of 8.33%. This well-maintained property, featuring 17 one-bedroom units and a dedicated laundry room that generates additional monthly income, provides immediate cash flow from day one. Situated in a thriving rental market, this building is in excellent condition, making it a prime choice for investors seeking stability and growth potential. The property demonstrates solid financial performance with a gross monthly income of $25, 811.87 and a gross annual income of $309, 742.44. Well-managed expenses, including real estate taxes ($49, 227), water and sewer costs ($16, 150), fuel ($15, 300), electric ($1, 700), insurance ($14, 450), payroll ($5, 950), and repairs/maintenance ($7, 140), bring the total annual expenses to $109, 917. As a result, the building generates a solid net operating income (NOI) of $199, 825, making it a lucrative asset with a robust 8.33% cap rate based on the asking price of $2, 400, 000. Further enhancing the appeal of this investment, the property comes with an assumable loan of $1, 700, 000 at an interest rate of 6.75%, offering favorable financing terms for potential buyers. With its immediate cash flow, well-managed operations, and excellent condition, this building is a rare opportunity in the rental market. Don't miss your chance to invest in a property that combines financial stability with long-term growth prospects.