We are pleased to present 243 S Hoover St., an excellent opportunity to acquire a 12-unit building, with upside, in a quiet pocket of Rampart Village. The building is priced at only $225,000 per door, much lower than replacement cost, and has a historically low vacancy rate. Situated on a 8,960 Sq Ft lot, the property consists of 7,985 rentable Sq Ft and features a total of 12 units including (1) 2 Bed/1 Bath units, (10) 1 Bed/ 1 Bath units, and (1) Studio. One of the units may be non-conforming, but it does already have it's own gas and electric meter. Buyer to verify. The building has undergone a recent earthquake retrofit, allowing the owner to quickly proceed with any desired exterior renovations to enhance the property. Being that the building is in mostly original condition, there is a lot of opportunity to make capital improvements. These include putting in new countertops, upgrading old stoves and sinks, remodeling bathrooms, putting on a fresh coat of paint, and building a gate around the property to secure access to name a few. With the rents below market, an investor can implement a relocation program and turn over the units to achieve an upside of approximately 27% +/-. The property is situated conveniently between several strong rental submarkets, which bodes well long-term for rental growth and property appreciation.
15,000 Sq ft
27,150 Sq ft
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Listing Agent: Saadia 'Sam' Liberow
Listing Office: Marcus & Millichap