416 Scott Ave presents a rare opportunity to acquire a wellmaintained, low-density multifamily asset with oversized units and significant value-add potential. This six-unit property comprises: Unit A: A recently renovated 1,387 SF single-family home (3BD/2BA), featuring new flooring, appliances, cabinetry, carpeting, wood siding, fresh paint, upgraded lighting, switches, and… Read More outlets. The home also offers a spacious front and side yard for outdoor enjoyment. Unit B: A 1,092 SF single-family home (3BD/1BA) sharing a carport with Unit A. The roof for both homes was replaced in 2024. This unit is in good condition with updated appliances and a fenced backyard. Units C, D, E & F: Four large duplex units (each 1,546 SF) built in 1996 and 1998, designed in a desirable townhome-style layout with 3BD/2BA and attached two-car garages. Each duplex appraised for $725,000 in April 2024. While all units have been wellmaintained, Unit D underwent a full renovation in 2024, including new flooring, paint, carpeting, updated lighting fixtures and more. The properties are situated on three separate parcels, providing the opportunity for a buyer to secure residential financing. VALUE-ADD POTENTIAL This property offers multiple opportunities to increase revenue and maximize returns: Rent Optimization: Current rents are significantly below market rates. The average market rent for 3BD/2BA units in the area is approximately $2,500, while current in-place rents average $1,572, representing a $928+ per unit upside. The 3BD/1BA unit currently rents for $1,486, while market rates are $2,200, creating an additional $714 per unit opportunity. Utility Reimbursement: The owner currently covers water, sewer, and trash expenses. Implementing a utility reimbursement program would further enhance NOI. Additional Revenue Streams: The property features ample unused land, which could be leveraged for storage unit development or additional tenant amenities to improve retention and increase income. Read Less
Courtesy of David A Galant, Pathway Properties, LLC 385-423-8589
Listing Snapshot
Days Online
91
Last Updated
Property Type
> 4 Units
Beds
18
Square Ft.
8,663
Lot Size
0.66 Acres
Year Built
1953
MLS Number
2070610
Additional Details
Building
Architectural Style: Stories: 2, Building Area Total: 8663, Living Area: 8663, Living Area Units: Square Feet, Year Built: 1953
Property
Current Use: Residential, Parcel Number: 16-31-205-056, Property Condition: Blt./Standing, Property Sub Type: > 4 Units, Property Type: Residential
Lot
Lot Size Acres: 0.66, Lot Size Area: 0.66, Lot Size Dimensions: 0.0x0.0x0.0, Lot Size Square Feet: 28749, Lot Size Units: Acres
Taxes
Tax Annual Amount: 13326
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