Description

VALUE ADD OPPORTUNITY. The subject originally functioned as a single-family home but was adapted into a triplex years ago. The unit breakdown is two (2/1) and one (1/1). Currently the subject has a violation for non-conforming units and work done without a permit. This requires bringing the property into compliance (back to a single family). Currently priced at $227 per square foot, the property is $125 less expensive than neighborhood single-family homes. Market data suggests that an equivalent single-family home in the area typically sells for between $650,000 and $775,000. The value-add opportunity can be broached by converting the property back to a single-family. This typically requires the removal of 2 stoves and the 220 V electric line as well as opening doors between the units.