511 W 6TH ST

Description

Rare opportunity to acquire a fully occupied, income-producing fourplex structured as four individually titled condominiums a setup that gives the buyer flexibility no standard fourplex can offer: hold all four, sell units individually to recoup equity, or finance each separately. All four leases run through August 31, 2026, providing guaranteed, predictable cash flow from day one. At lease renewal (September 1, 2026), rents are projected to increase: unit 513 from $1,300 to $1,400, and units 515/517 from $1,100 to $1,250, bringing total projected gross income to $63,600/year. HOA (Stanfield Addition B3L1 Condominium Association) is $300/month for 3BR units and $280/month for the 2BR unit. HOA covers building insurance, water, sewer, trash, reserve fund, and all exterior maintenance significantly simplifying the landlord role. The buyer becomes the sole board member of the association and has full control over dues and how they are spent. Seller has invested approximately $60,000 in improvements since the October 2024 purchase, including: two new furnaces and four AC coils (all units); full electrical upgrades by licensed electricians including 14 GFCIs, panel replacement, and exterior light fixtures; complete site regrading and French drain installation; new 4-bay concrete parking pad; smoke alarms, CO detectors, and fire extinguishers in all units; new bedroom window in unit 511; all exterior wall imperfections patched and sealed; and mailbox structure rebuilt. Rear vinyl siding on the 511/513 building to be replaced imminently by seller. Remaining siding replacement to be completed by end of 2026, funded entirely from the HOA reserve fund no special assessment will be levied against the new owner. Bank appraisal of $900,000. All governing documents (Declaration, Bylaws, Rules & Regulations) available upon request.