NOT LISTED FOR SALE
8 Beds
6 Baths
5,344 Sq Ft
4,356 Sq Ft Lot

Last Sold October 27, 2021

Last sale price $275,000 $51 Per Sq Ft

128 Days on Market

About This Home

As of October 2021

This 6-Unit Auburn-Gresham property sits on a wide 35' x 125' parcel and is being sold As-Is. The building is solid, has some updates. GOOD NEWS! Each unit is separately metered for gas and electric and are served by central water heaters. GREAT NEWS! Each Individual unit has its own gas forced air furnace heating system. The furnaces are in goof condition, the roof is does not leak and the exterior porches are built to meet city requirements. This building is highlighted by a rare multiple brick floor to joist supporting walls. The attractive two-story property features 2, 2-bedroom, 1-bath, and 4, 1-bedroom, 1-bath rental units. Four units have similar finishes as they have each been updated over the past few years. One unit's rehab is 80% complete. One unit needs extensive bathroom and some kitchen repairs. The three remaining units need painting and minor repairs. With a projected Gross Income of $61,200 the projected NOI is $48,000 to $52,000 annually. This is based on an $850 and $950 monthly rent collected per unit. Extra income can be generated from pay washers and dryers and/or higher rents and storage. Area Cap Rates are 9.5% to 11%.

Last Agent to Sell the Property

Michael LaFargue

Coldwell Banker Realty License #471011521 Listed on: 05/20/2021

Coldwell Banker Realty

Co-Listed By

Stewart Morales

Coldwell Banker Realty License #475185799

Last Buyer's Agent

Matthew Neistat

Jameson Sotheby's Intl Realty License #475156088

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,500

Year Built

  • Built in 1933

Lot Details

  • 4,356 Sq Ft Lot
  • Lot Dimensions are 35 x 125
  • Corner Lot

Interior Spaces

  • 5,344 Sq Ft Home
  • 2-Story Property
  • Unfinished Basement

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 6 Bathrooms

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System
  • 100 Amp Service

Listing and Financial Details

  • Tenant pays for air conditioning, electricity, heat

Community Details

Overview

  • 6 Units

Building Details

  • Electric Expense $750
  • Insurance Expense $1,130
  • Water Sewer Expense $1,800
  • Operating Expense $11,483
  • Gross Income $7,800

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,500

Year Built

Built in 1933

Lot Details

0

Listing Details

  • Property Type: Commercial Sale
  • Property Type: Multi Family 5+
  • Current Use: Multi-Family
  • Property Sub-Type: Flats
  • Stories: 2
  • Year Built: 1933
  • Built Before 1978 (Y/N): Yes
  • Information: List Broker Must Accompany
  • Estimated Age: 36-50 Years
  • ResoPropertyType: CommercialSale
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Total Bathrooms: 6
  • Total Bedrooms: 8
  • Possible Use: Multi-Family
  • Basement Description: Unfinished
  • Fireplaces: 0
  • Drive-In Doors: 0
  • Dishwashers: 0
  • Refrigerators: 0
  • Ranges: 0
  • Number of Windows: 0
  • Number of Washers: 0
  • Room: 0
  • Room: 0
  • Room: 0

Exterior Features

  • List Price: 315000

Utilities

  • Cooling: Window Unit(s)
  • Electric: Service - 0 to 100 Amps
  • Heat/Ventilation: Forced Air

Condo/Co-op/Association

  • Unincorporated (Y/N): No
  • Owners Association (Y/N): No

Fee Information

  • Association Fee Includes: None
  • Water Sewer Expenses: 1800
  • Janitor Expense: 2400

Lot Info

  • Additional Parcels: No
  • Lot Size Acres: 0.1
  • Lot Dimensions: 35 X 125
  • Zoning: MULTI
  • Land Amenities: Curbs and Gutters,Sidewalks

Rental Info

  • Tenant Pays: Air Conditioning, Electricity, Heat
  • Board Number: 8

Building Info

  • BuildingAreaTotal: 5344

Multi Family

  • Insurance Expense: 1130
  • ElectricExpense: 750
  • GrossIncome: 7800
  • NumberOfUnitsTotal: 6
  • OperatingExpense: 11483
  • Expense Year: 2019
  • Type Multi-Family: Flats

Tax Info

  • Tax Annual Amount: 3500
  • Tax Year: 2019

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/27/2021 10/27/21 Sold $275,000 -19.6% $51 / Sq Ft
09/25/2021 09/25/21 Pending -- -- --
08/31/2021 08/31/21 For Sale -- -- --
07/15/2021 07/15/21 Pending -- -- --
05/20/2021 05/20/21 For Sale $342,000 -- $64 / Sq Ft
Source: Midwest Real Estate Data (MRED)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

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Map

Source: Midwest Real Estate Data (MRED)

MLS Number: 11095578

Midwest Real Estate Data (MRED)

APN: 20322160210000