Description

The subject originally functioned as a single-family home but has been adapted into a triplex. It now consists of two (2/1) and one (1/1) apartments, each with its own electric meter.rnCurrently priced at $259 per square foot, the property is $100 less expensive than nearby single-family homes. Market data suggests that an equivalent single-family home in the area typically sells for between $725,000 and $775,000.rnInterestingly, the current rental rates for this property are below market value. The value-add opportunity can be approached in two ways: A) Increase rents to match market rates, thereby enhancing overall yield, or B) revert the property back to a single-family home with an in-law quarter. The back unit is vacant, making it convenient for viewing.