Property Detail

Description

5918 Genoa Street offers 22.6% rental upside on a building where the heavy capital work is already done. Ownership has invested $282,822 in unit renovations, soft-story retrofit, sewer lateral, sidewalk, and laundry. Eight of 12 units are renovated, and the property is 100% occupied. In-place rents average $1,428 against a $1,750 market rent. The building’s own renovated leases support that market figure, with five units at $1,632–$1,730. Four units below $1,300 account for roughly three-quarters of the loss-to-lease. That gives a buyer a defined, unit-by-unit path to the $153,000 pro forma NOI as those units turn over. The 1930 building totals 6,072 SF on 0.12 acres, with an average unit size of 506 SF and three covered parking spaces. In-place: $109,543 NOI, 5.62% cap rate, 9.48 GRM. Pro forma at market rents: $153,000 NOI, 7.85% cap rate, 7.74 GRM.