Sold: 3-Unit Repositioned Multifamily Property in Catasauqua, PA
Overview
LVPEFUND purchased, repositioned and sold this property as a turnkey, cash-flowing, fully occupied, multi-family property which included 2 buildings, three (3) units + one (1) garage, 4 additional parking spaces, and an updated slate roof.
LVPEFUND acquired this property for $290,000, re-sold at $375,000, 63-day holding period.
Rents were increased to generate $47,100 gross and $34,443 net yearly income, providing a 9.1% cap at the $375,000 selling price.
Units: 3
Breakdown: 2 x 2 Bed 1 Bath Units, 1 x 3 Bed 1 Bath
Year Built: 1910
Parking spaces: 5
Zoning: R2-MEDIUM DENSITY RESIDENTIAL
Bedrooms: 7
Bathrooms: 3
Size: 4,154 square feet
Fix & Flip
508 Race Street contains two 2 bedroom units on the 1st & 2nd floors with newer appliances, newer carpet, gleaming hardwood floors, & modernized kitchens/bathrooms. 510 Race street contains one (1), three (3) bedroom, two-story apartment with updated kitchens, bathrooms, & paint.
The one (1) car garage is occupied by the 508 tenants. Beautiful curb appeal with the touched-up exterior, updated SLATE roof (lasts 50 years), & two back patios with a fenced-in yard & curtilage for entertainment. All utilities separated.
Interested in co-owning this property with us? Schedule a 1:1 call with us to learn more.
