Looking at a 7-Plex. Why has it been on the market so long?

[Lou R.]

I'm looking at purchasing a 7-plex multi-family building. Asking price is 229k. The trailing 12-month NOI is 27k for a rough cap rate of 11.7%. Avg rent of $500 per door. That seems decent to me. Yet, the building has been on the market for over a year??? Why is no one interested?

The building is not in a horrible neighborhood. All seven units appear to be in decent shape (haven't done an inspection). All seven units are currently under lease.

Outside of some crazy structural issue that would come up in an inspection, why is no one interested in this property at what I believe to be an attractive ROI?

Happy to provide more info if anyone is willing to help!!