Description

8 units with an assumable loan that is fixed at a 3.350% interest rate until 2027, and part of a 3-building portfolio sale. 4046 Nicolet Ave is located in the heart of Baldwin Village and features a strong unit mix of (7) 2 Bed/1 Bath & (1) 3 Bed/1 Bath units. The property enjoys a huge premium of having 9 on-site & gated parking for tenants in the back (7 singles & 1 tandem). At list price, the property is being offered at an attractive 11.50 GRM and 5.5% cap rate on current rents and operating expenses. In the last 20 years, the entire electrical system was replaced, the building was re-piped to copper plumbing throughout, and new windows were installed. In the last 2 years, the EQ retrofit work has been completed, a new roof was put on the building, and a brand new 100-gallon water heater & expansion tank were installed. Utility costs are low as most tenants are on RUBS for utility reimbursements, no on-site laundry room, and separately metered for gas & electricity. The next owner will enjoy the perks of having stable in-place cash flow with 25% rental upside, and a fixed low interest rate to generate great day 1 cash flow. Tenants enjoy being just 1 block away from Jim Gilliam Park. Zoned LAR3 will make lot value continue to be valuable for future usage. Can be bought together or separate with 411 Witmer Street and 1630 S Gramercy Place.