Four-unit rental building located in Ashtabula. Tenants pay electric and gas; landlord pays water, sewer and trash. Made up of two 2-bedroom units and two 1-bedroom units. Unit 4 was completed remodeled in April 2022. All other units have been nicely maintained. Unit 4 has a divided basement all its own with block foundation. The other units sit on a full basement too for easy access to all utilities & major components. All units separately metered. Most plumbing swapped to pvc. Newer roof and siding. Offered at about a 12% cap rate, which includes a 2% maintenance and 2% vacancy rate allowance estimate, taxes, insurance and seller paid utilities. Gross income at current rents is around $29,400 per year. Property tax Expense: $2,190/year. Homeowner's Insurance Expense Approximately $700/year. Water/Sewer/Trash runs about $100/month or $1,200 per year. Estimated net income before maintenance/vacancy expense: $25,310.
Listing Courtesy of: Shawni L Marich, Shawni L Marich With Novella Realty, LLC.
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