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4714 Griscom St
For Sale $324,900 ($128.52 per Sq Ft)
$324,900 ($128.52 per Sq Ft)
- 4 Units
- 2,528 Sq Ft
- 2,290 Sq Ft
- Unknown Cap Rate
Description
Rare opportunity to finish a building with 13%++ cap rate!!
Remodeling is currently underway and owner is looking to sell at any stage of the rehab. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms.
ARV $850k++
If the buyer chooses to finish the property as 5 apartments building then the projected rents (conservative forecast):
Apt1- 2BRS/1BA- potential rent $1,450
Apt2- 2BRs/1BA- access to back yard- potential rent $1,500
Apt3- 2BRs/1BA- potential rent $1,450
Apt4- 2BRs/1BA- potential rent $1,450
Apt5- 2BRs/1BA- potential rent $1,450
If the buyer chooses to finish the property as a single home, it can be used as a group-housing rental of 10-12 bedrooms, contracted with organizations that typically price $700+ per bedroom per month thus will pay over $7k/mo rent .
In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually!
Current status-
-Architectural planning and design- completed (drawings are attached here)
-Framing - completed
-New windows installation- completed
-Rough plumbing- completed
-Rough electricity- completed
-Insulations- in progress
Next steps in the project- need to be done
or HVAC installation
o Sheetrocks installation
o Painting
o Flooring installation
o kitchens and bathrooms
The remaining work to complete the building is estimated between $120-160k.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $324,900 |
| Property Type | Other |
| Usable Sqft | 2,528 |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 1940 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 232434100 |
| MLS # | PAPH2422578 |
| Property ID | 321081122 |
| Lot Sqft | 2,290 |
| Zoning | RSA5 |
| Total Units | 4 |
| Days on Market | 6 |
| Original List Price | Unknown |
| Date Updated | November 25, 2024 |
| Date Created | November 24, 2024 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Devorah Selber an agent of . Lic #183888
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Data last updated: November 30, 2024.
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