This ready-to-go investment is a portfolio of three houses that are currently grandfathered in as rooming houses by the City of Olean. They are outsourced for management with minimal owner interaction and the management company would stay on if the new owner wanted them to. All expenses included boasts a 11.23% cap rate with management staying on or a 15.12% cap if you were to manage it yourself. The properties are a total of 30 rooms including three studio apartments. They could also be split into 4 units per building for a total of 12 units if you were to adjust from the rooming house layout. Regular upkeep and maintenance has occurred on these properties, including a new sewer pipe to the street, new hot water tank and new heating system. Income/Expense numbers can be provided. Sale includes (321 N 1st Street 94.057-5-29; 111 North Clinton Street 94.065-7-14; 125 S Barry Street 94.065-7-39)

Overview

  • Year Built1900
  • RoofingAsphalt
  • HeatingGas, Baseboard, ForcedAir, SpaceHeater
  • WaterConnected, Public
  • Sewer/SepticConnected

Features

  • ExteriorBlacktopDriveway, DirtDriveway, Deck, Fence, GravelDriveway
  • InteriorCeilingFans
  • Security
  • Floor CoveringsCarpet, Hardwood, Laminate, Varies, Vinyl

Schools

  • ElementaryEast View Elementary
  • MiddleOlean Middle
  • HighOlean Senior High

Property Features

  • Deck
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