1204 Columbine Street

Description

When opportunity knocks, you answer! This 4-unit apartment house in the heart of Congress Park provides the perfect addition to your investment portfolio. The property offers three 1-bed 1-bath units, and an additional 2-bed 1-bath unit (a 2-story split between the second and third floors). Each unit is unique in layout with various updating performed throughout the years and plenty of room to get creative and capture top of the market rents - now pushing $2,000/month for 1 beds and $2,600/month for 2 beds in this area. For added income potential, there is a small office/storage room at the front of the building and plenty of additional storage space in the basement with laundry hookups to add coin operated laundry. As-is, the property will easily push a 5% CAP rate at market rents. On the maintenance side, a new roof was installed about 5 years ago, new dual furnace around 2015, freshly painted common area, electrical service has been upgraded and the city will be running copper water lines to the property. The owner has left one unit vacant to allow for showings and keep the opportunity open should any buyer wish to do some quick updating prior to finding a new tenant. Be sure to check out the 3D Matterport tour for a virtual walkthrough!