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Updated over 8 years ago,

User Stats

27
Posts
4
Votes
Hoseah Njuguna
  • Rental Property Investor
  • Alexandria Bay, NY
4
Votes |
27
Posts

What do you think of this Triplex with very stable tenant

Hoseah Njuguna
  • Rental Property Investor
  • Alexandria Bay, NY
Posted

Hi, This is my first post...and am thankful for this website and all the members and their contributions.

I have the chance to acquire a triplex (mixed use)

Its a 2 story building on a small lot.

Two units in the ground floor.  Main tenant on the ground floor is a post office---and they just signed a 10yr lease, paying $ $883.50 monthly rent until May of 2021; rates go up to $945.33 from June 2021 to end of lease May 2026.

There is a small residential unit on the ground floor with a stable tenant (4yrs). He pays $450 a month.

Upstairs unit is a 2bd, 1 bth that is fully renovated and vacant. Owner says that it will fetch $900 a month.

Asking price is $120,000

The owner bought the property for $6,000 in 2001 and he has done significant work on it, but am sure the asking price is negotiable.

This will be my first investment property if I decide to go ahead with it.

Since this is my first deal, I am out here seeking your input and advise....

Is this a good deal?  Any suggestions on creative financing (I asked him if he is willing to do seller finance and he said -no)

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