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16 Elm Street, Norwich, NY 13815

$925,000
: 6
BD
: 2
BA
: 3,200
SqFt

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List Price: $925,000
Status: ACTIVE
Days on Market: 2
MLS#: R1724460
Subtype: Residential
Year Built: 1890
Bedrooms: 6
Bathrooms: 2
Full Baths: 2
Living Area: 3,200
Lot Size: 3,485
Acres: 0.08
MLS Area Major: Norwich

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Property Description

Well established investor portfolio with strong occupancy and income history. This offering includes seven residential properties Norwich, NY with a total of 11 units - four 2-unit multi-families and three single family residences. The portfolio has also maintained very low vacancy and generates $147,600 in annual gross rental income, with net income of $84,300 (total expenses including 15% factor for Maintenance/Reserve/Vacancy). At a projected 9.12% capitalization rate it offers substantial current income along with potential to improve performance through property updates and future rent growth, or disposition of single family homes at a higher value than an investor rate may support. Property conditions are generally average, with some deferred maintenance presenting opportunities for an investor to add value. Each property is located within walking distance of local employers and everyday amenities, supporting continued rental demand. For a buyer seeking to expand an existing portfolio or acquire multiple income-producing properties in one transaction, this package merits a closer look.

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Additional Information

Taxes: $22,450
Zoning: Residential Multi Use
Flooring: Carpet, Hardwood, Laminate, Varies
Appliances: Electric Water Heater, Gas Water Heater
Heating: Electric, Gas, Baseboard, Forced Air, Hot Water
Stories: 2
Levels: Two
Parking Features: Common, Two or More Spaces
School District: Norwich