Profitable Multifamily complex investment. 312 Hickerson is an 8-unit apartment complex which contains 8 separate apartment units, 6 are 2 bedroom and 2 bath units that rent for $1, 500 per month. Two are 1 bedroom and 1 bath units that rent for $1, 100 per month. Five of the 8 units have been completely remodeled in the last 24 months down to the studs including new stainless steel appliances, new flooring, new plumbing & electrical fixtures. These include 4-two bedroom units and 1-one bedroom unit. In the current configuration, the annual rent is $126, 000. Expensed are the property taxes, currently at $25, 800 annually, insurance, $8569, repairs, maintenance and management fees are $7, 500, and vacancy rate is negligible. Total annual expenses are $41, 869. This leaves a total profit before taxes of $84, 131 which shows a market CAP of 5.6. Seventy percent of the close knit community residing at 312 Hickerson has lived there 8 plus years with some much longer.
