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Occupied 24-Plex Grossing Over $15,500/mo

429 Johnson St, Longview
ROI
17.65% IRR
Strategy
Long Term Rental
Occupied 24-plex grossing over $15,500/mo. Over $400k in recent renovations. 23 of 24 units have been updated with kitchen cabinets, granite counters, stainless appliances, fixtures, etc. Two brand new roofs, 10+ new HVAC units. Two story 24-plex built in 1974 with over $400k in recent renovations. (8) 2 bed, 1 bath units and (16) 1 bed, 1 bath units. 22 currently occupied, Unit 20 has a tenant moving on 2/1 at 575/mo. Unit 23 also just got leased starting 1/30 at 599/mo. 2023 property taxes were 31,296. Owner is currently protesting them.

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Occupied 24-Plex Grossing Over $15,500/mo

Listed 01/23/2024

429 Johnson St, Longview

Purchase Price:$1,275,000

Cash Outlay:$408,000

Cashflow:$875/mo

Cap Rate:6.85%

IRR:17.65%

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