518 W Harris Avenue

Description

If you’re not afraid of a little grit and you know how to unlock potential, this four-unit property could be your next value-add win. The building features two 3 bed, 1 bath units and two 1 bed, 1 bath units. Three of the four apartments are considered livable, with projected monthly income between $2,000–$2,200 once stabilized. All three previously passed Occupancy Permit inspections at the time their last tenants moved in. Two units are currently tenant-occupied, with both tenants on month-to-month leases. One unit is vacant and close to rent-ready with some finishing touches. The fourth unit needs renovation and is not physically accessible for showings. Each apartment has separate electric and water meters, allowing tenants to pay their own utilities and keeping operating expenses more predictable. Details about each apartment: Unit A - 1 bedroom, 1 bath, 624 sq ft, ground floor. Currently vacant, market rental rate $500-600/month. Unit B - 3 bedroom, 1 bath, 1036 sq ft, 2nd floor with private deck. Currently rented below market rental rate for $700/month. Unit C - 1bedroom, 1 bath, 600 sq ft, 2nd floor. In need of repairs and updating, only accessible by exterior stairs, which are currently not in place. Market rental rate $500-600/month. Unit D - 3 bedroom, 1 bath, 992 sq ft, ground floor. Currently rented at market rental rate, $800/month. Let’s be clear: this property is not glamorous. It needs cleaning, cosmetic updates, and hands-on ownership. Fresh paint, new flooring, and general improvements could significantly increase both appeal and cash flow. For the right buyer with vision and a plan, this could become a solid addition to an investment portfolio. Bring your contractor, your creativity, and your calculator.