Built in 1994 this 16 unit apartment building was purpose built as affordable housing.
Construction is concrete block with concrete floor systems including in-floor heating and a very simple integrated sink/range combination and a stand alone refrigerator. Each unit has a shower stall of concrete block as well – no heating radiators to repair or tub surrounds to replace.
Since construction it has been rented in an agreement with Civida (formerly known as Capital Region Housing Corporation) creating a engine that just chugs along cranking out cashflow. Owner has full discretion about tenant selection, no restrictions on rental increases. Tenants pay 30% of their income towards rent, Civida covers the rest.
Recent upgrades include the hot water tank (2019), shingles (2016) and exterior paint (2021).
List Price | $2,000,000
Contact The Listing Agents
Chris Davies, B. Sc., MCNE
VP | Multi-Family & Investment Sales