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116 Franklin St

Suffolk, VA 23434
  • $698,999
  • STATUS: Active
  • ON SITE: 20 Days
  • ID#: 10531534
UPDATED: 95 min ago
$698,999
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1880

School Information

Elementary School:
Middle School:
High School:

Description

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%.

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www.judyreedrealty.com/homes/150293621
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116 Franklin St Suffolk, VA 23434

  • Price: $698,999
  • Status: Active
  • On Site: 20 Days
  • Updated: 95 min ago
  • ID#: 10531534
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1880
Built
Neighborhood:
Old Town Suffolk
Area:
62 - Central Suffolk
Elementary School:
Hillpoint Elementary
Middle School:
King`S Fork Middle
High School:
Kings Fork
Property Description
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%.
Exterior Features

Construction ConcreteFrame Exterior Siding StuccoWood Foundation Type CrawlSlab Garage YN Yes Parking Garage Det 2 CarDriveway SpcStreet Roof Asphalt ShingleSlate

Interior Features

Cooling Central AirWindow/Wall Dishwashers 0 Disposals 0 Dryers 1 Flooring Type CarpetLaminate/LVPVinylWood Furnished YN Yes Heating BasebdElectricHeat Pump W/AProgrammable Thermostat Ranges 5 Refrigerators 5 Washers 1 Water Heater Type Electric

Property Features

Apartment Type Converted Single Fam Commission Amt Sell Bkr 3 Complex Name Causey-Kendrick hous Contingency Exists Non Contingent Disclosure Disclosure StatementHistorical DistrictOwner Agent Features Laundry RoomWindow Treatments Ownership Type Simple Possession SETTLE Tax Amount Approx 1545 Utilities City SewerCity WaterElectric

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Judy Reed Realty
2244 General Booth Blvd
Virginia Beach VA, 23456