25-27 Curry Street

Description

2 adjoining Parcels near Lake Olmstead and the Kroc Center with 8 Units at 92% occupancy. 25 Curry (Tax ID 027-4-009-00-0) is a 2 bedroom, 1 1/2 bath single family home that rents for $550. 27 Curry is a duplex - (unit 7 - 2/1 and unit 1 - 1/1 renting for 550 and 450, respectively) and 3 of the 1/1 cottages currently rent for $400 each. Two of the 1/1 cottages rent for $450, one of which is currently vacant. Units include dishwasher, refrigerator, range, washer and dryer. Central HVAC in the three big units, wall units in the cottages. 25 is vinyl siding and all of the units on 27 are wood siding - the exterior wood siding needs repair and repaint. Even assuming a $45,000 additional capital investment for repairs and updates, this property will offer a 12% gross cap rate with room to grow rents further. All units on 27 Curry are on a single water meter, Owner pays water for those seven units. New paved canal wlaking trail at end of block - walk to Lake Olmstead or the Kroc.