299 East 2nd Avenue

299 2nd Ave is a large value-add fourplex that is roughly 4,632 SF and on the northwest corner lot of C St and 2nd Ave. The property was built in 1906 and has been well-maintained by the current owner. There are three 2BD/1BA units and one 1BD/1BA unit. There is a one-car garage and driveway in the rear of the property and a laundry room on site. The tenants are currently billed for their pro rata share of gas and electric, but a new owner can also charge for water/sewer/trash reimbursement. There are longer term tenants in the property paying below market rents. The current 2BDs at the property average $1,387/month while the average 2BD in a .75-mile radius is $1,475 and the top 75 percentile of 2BDs in the area are renting for over $1,700. The average 1BDs in a .75-mile radius average $1,422, and the top 1BDs rent closer to $1,650. A new owner therefore has the ability to realize increased NOI by renovating the property and increasing rents by roughly 20%.