314 Cliff Street

Honesdale PA 18431

3850 sq. ft.

43560 sq. ft.

Other

Currently for sale - view listing

Overview

For sale is a very unique 5-unit rental property sitting on one acre, consisting of a newly built in 2016 single family home, a triplex, and another single family home need slight updating. This property will be an excellent addition to any savvy investor's portfolio with a gross income of over 52K per year and with over 3k of net income monthly coming in, looking at a roughly 8.9% cap rate. The current rents are all under market rent so there is plenty of room for growth immediately. 100% occupancy. Front house is currently getting 925/mo, triplex 2175/mo and the Newer house 1260/mo (under market!). At optimal rents, the new house projects to rent about 1600/ mo, triplex 2600/mo and front house 1200/mo. which would give you instant equity whenever you decide to raise rent. Front house and middle unit triplex are on leases, but the other 3 units including the main house are month to month which is great for the new owner so you can control most of who your next tenants will be. Massive fully upgraded two car garage with full electric service under new house which is also rentable at about 200/mo. You can either rent all the units out for steady passive income or live in the new main house and let the other units pay the mortgage, either way you would come out ahead. The front white house and two of the triplex units with long term units needs cosmetic updates. Owner pays for sewer for the 5 units and electric for the garage only. Massive 1 acre lot allows room to build additional structures. Flexible Owner financing available as low as 20%, 15 year loan and current interest rates!! There is a major shortage of rentals in Honesdale so here's a chance to capitalize!