OM, rent roll and profit and loss statement are available, please reach out to David Tello.
List Price: $650,000. 501 Harris St consists of 8 units averaging 787 square feet. This log cabin-style property offers one and two-bedroom floorplans. There are six 1-bedroom 1-bath units with 720 SF and two 2-bedroom 1.5-bathrooms with 986 SF. The property is currently 100% occupied. Effective rent growth has risen aggressively for the Longview area at 14.6% year-over-year over the last 3 years (CoStar). Same owner since 1993.
CapEx
-All exteriors were painted in 2023.
-Three units (A, D, & E) have been renovated with wood-style flooring, new two-toned paint, ceiling fans, and new black appliances.
Value-Add:
-Five remaining classic units should be renovated to increase rents.
-With light interior renovations estimated at $3K each, the new owner could raise the rents by $100 per unit per month.
