When it comes to owning a multi-family property, we find many investors that are seeking to own multiple properties. In many cases, their maintenance is reactive instead of preventative. Not for Keith Street. This property has been cared for like a single family home.
As you approach the property, and park in the driveway or the large two-car garage, the feeling of this yard and home has a serene quality about it. There are two lots side by side, which increases the size of the yard as compared to the neighbors, so there is more privacy. There is an additional off-street parking space on the left side of the home, and you are greeted by a covered, front porch, an ideal place to spend fall mornings, or summer evenings.
Upon entering the front door, there is a door to the first unit, and staircase to the second unit and attic. The first unit has a large dining room as you enter, connected to a living room and kitchen. With hardwood floors on each level, and newer windows, the home feels much more clean and tidy than most 2-family homes. The kitchen is large, and features a peninsula counter space used as a breakfast bar or homework space. There are recessed lights, and overall, the first apartment is in excellent condition.
Off the kitchen are two bedrooms of equal size, with a bathroom in between. With ample light coming from outside, yet privacy of bushes, it feels as if you are in the countryside. The kitchen also leads to the large, dry basement, with laundry. Down here you can see the bones of the home, and immediately notice that there is insulation, and the structure is solid.
The second level is the same layout, and about the same condition. Rented for $1300 a month, the home has low rents, that can be increased immediately upon purchasing. Two bedroom apartments in this nice of condition are going for $1,700 - $2,000.
There is also an attic space for storage, or future expansion with walk-up stairs from the main hallway.
Each unit has access to a deck, and there are two forms of egress from each. If the garage is rented as well, the income only increases. This garage also has ample space for a workshop, across the whole back of it. There is even attic storage when some plywood is added to the rafters.
The property has more space and function than most 2-family homes being sold in Norwalk. There is a basement and an attic, a large double-lot, a 2-car detached garage, and two units in excellent condition. Join us on the cash-flow journey with this property!
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