Investor property for Sale. 365-367 Legion Street is the combination of two adjacent properties. Respectively 2, four family semi-detached. The houses are in excellent condition and well maintained.
The combined sites have 54X100’ of frontage and over 6700 square feet of additional air rights for future expansion.
The properties have a combined rent roll of $108,000 and a current cap rate of 7% with one vacancy. The apartments are free market and rent can be increased to market rate.
With a projected cap rate of 11% this consolidation of properties is a rare opportunity for any investor looking at the possibility to acquire eight apartments at an average cost of $200,000 each. Currently, there are three 2 bedrooms and one 1 bedroom in each building. The apartments are big and can be converted into 3 and 2 bedrooms, respectively.
The combined air rights are over 13,000 square feet.
Ultimately, these combined sites could be developed into 19 apartments.
The neighborhood of Brownsville is experiencing ambitious growth and the possibilities to see available consecutive properties is rare.