Description

Exceptional Investment Opportunity in Cherokee Point – Fully Renovated 5-Unit Property This fully renovated, turnkey 5-unit multifamily property in Cherokee Point offers an exceptional blend of modern upgrades and investment potential. The property features three detached 2-bedroom, 1-bathroom craftsman cottages with private yards and laundry hookups, along with a two-story duplex comprising two 1-bedroom, 1-bathroom units that share a common laundry room. Four single-car garages provide additional income potential, with a feasibility study confirming their conversion into two accessory dwelling units (ADUs). All units have been thoughtfully updated with new kitchens, appliances, flooring, lighting, fresh paint, bathrooms, roofs, windows, HVAC systems, plumbing, electrical. The landscaped community includes outdoor seating areas, a dog run, automatic sprinklers, mature trees, and a block wall with a secure privacy gate, ensuring an inviting and safe environment. Currently fully leased with 12-month contracts at market rates, the property offers immediate cash flow with a 5.86% cap rate. Located in a Transit Priority Area (TPA), it also has significant upside potential, with zoning allowing for up to 16 additional units. A feasibility study is available, detailing costs and timelines for expansion and garage conversions. Less than a block from a park and school, this gated property is ideal for investors, multigenerational living, or owner-occupancy with rental income. Don’t miss this rare opportunity to acquire a stabilized asset with future growth potential.