Property Description

Positioned on the edge of downtown, this is a prime opportunity to acquire a solid income-producing asset. With strong rental demand and proximity to the core, this is the type of property that supports both stable occupancy and long-term growth. The building consists of four 1-bedroom units, three of which have been recently renovated-allowing you to step into improved rents and reduced capital expenditure from day one. One unit is currently vacant, offering immediate flexibility to place your own tenant at market rent, while another below-market tenancy presents an excellent opportunity to increase income over time as turnover occurs.Current gross monthly income is approximately $4,552, with a clear path to approximately $5,180 based on market rents and value-added potential. At that level, the property is projected to operate around a 6.0% cap rate, with upside to approximately 7.2% as rents are stabilized and value is added. Operating expenses are well-defined at roughly $1,889/month, resulting in a current NOI of approximately $2,664/month and a projected NOI of approximately $3,291/month once rents are optimized. Depending on financing, this deal shows estimated monthly cash flow in the range of approximately $289-$916, based on current and projected rents.A major differentiator here is the ample on-site parking-something that's increasingly difficult to find this close to downtown and a key factor in tenant retention. Whether you're looking for a performing asset with immediate income or a property where you can still create value through leasing and light improvements, 46 Stanley offers a clean, straightforward path to both. (id:7434)