Back on market. Originally listed 3,980,000 🤦👎🤦♂️🙏 Now reduced to 3,195,000... Purchased in 2015 for $1,995,000.
What it DOES have other than an optimistic sticker price...full 2700 sq ft lot (land value 2.8+ish) with 3700 sq ft 1989 triplex with about 12k in total rent for a roughy a 3 cap buildable full lot. Makes sense to me close to 3mm.
224 Kelp St Offered at $1,849,000 by out of area broker 1400 sq ft duplex consisting of top 2/1 and bottom 1/1 Standard half lot Rents 3900,2225 makes this a bit more compelling than the competition presently for sale in El Porto but still a tad out of reach in my estimation. Estimated close: 1,775,000. Source CRMLS ...
130 40th St Offered at 2,200,000 by REMAX ESTATE PROPERTIES
1772 sq ft duplex with 2, 2 bed 2 bath units. Built in 1972. Rents 7200 makes this priced at 25x rents on a land value of roughly 1.4-1.5mm. At roughly a 3 cap, compare to recent closing at 123 40th at $2,137,500 which current rents were listed at 8100,with a similar land value, and almost a 4 cap. Of course duplexes closer to land value can sell as low as 2.5 cap and 30x rents but that is a function of the value of the land, not the rents.