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116 Franklin Street
Suffolk, VA 23434

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Property Details


List Price: $698,999
Beds: --
Baths: --
Status: Active
SqFt: --
Agency: 1st Class Real Estate Integrity

Map Details Show Map | Show StreetView




Description/Comments


Lot Size: --
Property Type: Residential
Year Built: 1880
Notes: A FIVE-unit building with a positive monthly cash flow of approx $6900/mo. $5000 being rented as FURNISHED mid-term rentals. Includes 4 -1bd/1 ba units (rent for $1200-$1300/mo. each) and one large (1600 sq ft) 3bd/1ba unit (rents for $2000/mo). All five units have been renovated since 2019, and some upgrades include ALL NEW WINDOWS, exterior paint, new flooring throughout, central HVAC in the largest unit, and new countertops, cabinets, and appliances. 2 newly renovated units were added in Jan 2024. The building includes shared laundry (possible additional income stream if added coin-laundry) and an all-brick carriage house being sold as-is. The Carriage house offers possible additional income as rentable storage or additional units. All furnishings convey. The building is 100% occupied. Showings must be scheduled a minimum of 72 hours in advance. Rent includes electricity, water, and internet. 30-day minimum stays. 2023 (3 units)had a 4% cap rate. Vacancy rate for 2023 was 75%.
MlsNumber: 10531534


Listing Provided By: 1st Class Real Estate Integrity, original listing
Name: 1st Class Real Estate Integrity
Phone: (757) 320-0985
Office Name: 1st Class Real Estate Integrity
Office Phone: (757) 320-0985
Agent Name: Leslie Martin
Disclaimer: Copyright © 2024 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.


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