Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$4,582,890
Last Modified:
12/18/2024
Description
8th Street Apartments & Fitness Club. Historic 10+% CAP Rate. 11 buildings, 5.17 acres. 93 income units: 88 residential,fitness club,3 office & laundry. Option (see documents) to purchase 75 Apts Laundry for $4.0 million (Divide residential & commercial). Fitness Club built 1981 & newer constructed Apts added since 2003 (average age 5 years). Additional 5,250sf expansion to Fitness Club + 3 commercial offices completed 2016.
Club open to public Includes:heated indoor pool, spa, sauna, racketball, gym etc. Steady cash flow & history 95% occupancy. Zoned C-M commercial, residential, retail. Additional $
growth opportunity: 1/2 acre shovel ready land for new construction of 10-12 2BR Apts (in place-power, water, sewer). On site managers will stay. Prospectus + financials to qualified Buyer
Listing Office: HomeSmart
Last Updated: December - 18 - 2024
Broker Attribution:
480-242-6500
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