Avenue J Portfolio

Area Overview

The Avenue J portfolio in-place rents range from $1,250-$2,200 depending on unit type but proven market rents are $1,900-$3,200 in the submarket. The interiors are in decent shape but rents can be brought to market with upgraded appliances, washer and dryers (connections are provided). There is also opportunity for significant additional income through storage rental units and converting the garage to a dwelling unit. No units currently use section 8 vouchers. Section 8 rent guidelines for this zip code are $1,740 (2 BR), $2,328 (3 BR), and $2,844 (4 BR).

Highlights

This portfolio consists of 3 adjacent properties with 2 duplexes, one two story garage apartment, and two single family houses for 7 dwelling units total. The unit mix is (1) four bedroom/two bath house; (1) three bedroom/two bath house; (4) two bedroom/one bath apartment units, and (1) two bedroom/one bath accessory apartment. Concrete block construction (CBS) on all buildings but one of the buildings, which is stucco over frame. All units are separately metered for water and electric. The property is in superior condition compared to its competitive set in the submarket. New HVAC units.