53 Williams Street

Description

Investor's dream for a fully turn-key cash-flowing property! Three large 3br 1ba units with separate pantry and dining rooms. Each apartment is easily convertible to 4br units and has a private balcony that spans the width of the building. Building is fully leased by a local company for their employees, so no challenges collecting rent. Tenant pays for all utilities including water & sewer (units are metered separately). Washer/dryer hookup in apt 1. Owner pays property taxes and insurance. The building has been fully renovated in 2020-2022 and includes: new vinyl siding, all new windows, all new appliances, all new heating systems (forced hot air furnace for unit 1 and in-wall propane systems for units 2 & 3),new hot water heaters, full electrical rewire & new panels; additional outlets were added in each apartment this past year and a new service outside is being completed now (fully paid for),updated plumbing, new flooring throughout, all new kitchens (cabinets, countertops, sinks) and SS appliances, new bathroom vanities and toilets, redone front and back hallways, new hardwired smoke and CO2 detectors. All 3 apartments are rented at market rate and gross rental income is $54,000. Estimated NOI is over $45,000/yr and includes a very conservative replacement cost of $1,500 per unit. Professional management company can continue to manage property at 10% of rent but not required for purposes of the sale. Management company provides monthly and year end financials at