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Multi-Unit Residential Park | 6 Houses & 2 Trailers

$ 275,000

Property Details: 

Listing Price: $275,000


Year Built: -


Property Type: Multi-Residental 


Building Size: -


Lot Size: 6.89 Acres 

Property Description: 

342: Brickyard Road – House (currently occupied) 

  • Rent $800/Monthly (currently behind) 
  • 3 Bedroom | 1 Bath w/ y2 basement | Approx. 1,000 SqFt w/ poured foundation 
  • Private Septic 
  • Central HVAC 
  • Separate Electric Meter 
  • Large Pressure Tank | *Main well for #342, # 354, and 377*

354: Brickyard Road – House (currently occupied) 

  • Rent $600/Monthly
  • 2 Bedrooms | 1 Bath | Approx. 900 SqFt
  • Shared well from #342
  • A/C window unit | Electric Heat 
  • Private Septic 
  • Separate electric meters 

377 Brickyard Road – House (currently occupied) – Tenant is moving within 30 days

  • Rent $600/Monthly (currently behind 2 months) 
  • 2 Bedroom | 1 Bath | Approx. 900 SqFt
  • Shared well w/#342
  • A/C window unit | Electric Space Heat 
  • Crawlspace  
  • Private Septic 
  • Separate electric 

29 Memory Lane – House (vacant) 

  • Est Rent $800/Monthly (currently behind 2 months) 
  • 2 Bedroom | 1 Bath | Approx. _____ SqFt w/ partial basement & poured foundation 
  • Private Septic 
  • Central HVAC
  • Separate electric 
  • Shared well from #29

#43 Memory Lane – House (vacant) 

  • Est Rent $1,100/Monthly  
  • 3 Bedroom | 2 Bath | Approx. _____ SqFt w/ partial basement | Poured Foundation 
  • Under Renovation w/materials included for remodeling 
  • Central HVAC
  • Separate electric 
  • New floor joists, sub floor etc. 

#79 Memory Lane – House (occupied) | *Tenant in park for 30 years*

  • Rent $400/Monthly  
  • 2 Bedroom | 1 Bath 
  • Private Septic
  • Central HVAC
  • Shared well from #29

#99 Memory Lane – Single Wide Trailer (occupied) 

  • Rent $600/Monthly  
  • 2 Bedroom | 1 Bath 
  • Central HVAC
  • Separate electric 
  • Private septic 

#105 Memory Lane – Single Wide Trailer (vacant) 

  • Rent $600/Monthly  
  • 1 Bedroom | 1 Bath 
  • Window AC
  • Separate electric
  • Oil Heat | Propane Stove 
  • Private Septic  

Cash Flow Analysis: Estimated Rents/Actual Rents

  • #342 Brickyard Rd : $800 Occupied
  • #354 Brickyard Rd: $600 Occupied
  • #377 Brickyard Rd: $600 Occupied – Tenant Moving out | 30 Day notice
  • #29 Brickyard Rd:  Est $800 Vacant
  • #43 Brickyard Rd: Est $1,100 Vacant
  • #79 Brickyard Rd: $400 Occupied
  • #99 Brickyard Rd: $600 Occupied
  • #105 Brickyard Rd: $600 Occupied
  • Total: $5,500 monthly & $66,000 yearly

Income Approach: Est gross income $66,000

  • Adjusted gross: $58,320
  • Credit loss & vacancy: $6,480 | 10%
  • Taxes, Insurance, maintenance, reserves, replacements etc.: $17,496 (30%)
  • Net operation income: $40,824
  • Capitalization Rate: 12%
  • Market Value: $340,200
  • Tax Assessed Value $455,600
  • 2017 Appraised Value: 410,000

Property Location: 

Take US-460 E for 6.7 miles to State Rte 738 in Botetourt County. Then, follow State Rte 738. Your destination will be on the left.

 

 

 

 

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