Documents Available: Copy Of Lease(s); Existing Survey; Site Plans

Electric: Separate Meters

Fencing: Wood

Flooring: Terrazzo

Heating: Window/Wall

Parking Features: Accessible Parking; Assigned; Covered; Guest

Possession: Negotiable

Sale Includes: Building; Fixtures; Land; Leases

Special Listing Conditions: Standard

Tenant Pays: Water

Construction Materials: CBS; Concrete Block - With Stucco; Stucco

Cooling: Ceiling Fan(s); Wall/Window Unit(s)

Listing Terms: 1031 Exchange; Cash; Conventional; Cryptocurrency; Owner Will Carry; Private Financing Available; Trade

Roof: Shingle

Security Features: Other

Sewer: Public Sewer

Utilities: Cable Connected; Electricity Connected; Phone Connected; Sewer Connected; Water Connected

Water Source: Public

Showing Requirements: 24 Hour Notice; Appointment Only; Call Listing Agent; Listing Agent Must Accompany; Schedule Online

Acreage Description: Less Than 1/4 Acre Lot; Less Than 1 Acre Lot

Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting with the city has been held; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(fully renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ instant equity upon completion. Potential ~10% cap rate. Seller will finance. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.