Presenting an exceptional opportunity to acquire a fully remodeled 7-unit asset at 369 Valley in Willimantic, ideally situated within walking distance to Eastern Connecticut State University. This meticulously maintained, turnkey property boasts a strong in-place actual CAP rate of 8%, generating a substantial gross annual income of $120,600, with a clear potential to reach $153,400.
Originally built in 1900, this three-story building has undergone significant capital improvements, ensuring its long-term viability and ease of management. The roof was newly installed in November 2020, and the entire plumbing system was comprehensively replaced between 2020 and 2022. Furthermore, five hot water heaters were updated in 2019, and the electrical system received a full upgrade to circuit breakers with a dedicated owner's panel in 2012.
The diverse unit mix caters to a variety of tenants, featuring four 3-bedroom units currently renting for $1,550, $1,500, and $1,425, respectively, alongside two 2-bedroom units at $1,600 and $1,225. Additionally, the property includes a versatile office/studio/live/work space commanding $1,500. Heating is efficiently managed by natural gas, and tenants are responsible for their own electricity expenses. Ample off-street parking further enhances the appeal of this robust investment.