About 116 Franklin St
A FIVE-unit building with a positive monthly cash flow of approx $6900/mo. $5000 being rented as FURNISHED mid-term rentals. Includes 4 -1bd/1 ba units (rent for $1200-$1300/mo. each) and one large (1600 sq ft) 3bd/1ba unit (rents for $2000/mo). All five units have been renovated since 2019, and some upgrades include ALL NEW WINDOWS, exterior paint, new flooring throughout, central HVAC in the largest unit, and new countertops, cabinets, and appliances. 2 newly renovated units were added in Jan 2024. The building includes shared laundry (possible additional income stream if added coin-laundry) and an all-brick carriage house being sold as-is. The Carriage house offers possible additional income as rentable storage or additional units. All furnishings convey. The building is 100% occupied. Showings must be scheduled a minimum of 72 hours in advance. Rent includes electricity, water, and internet. 30-day minimum stays. 2023 (3 units)had a 4% cap rate. Vacancy rate for 2023 was 75%.
Features of 116 Franklin St
| MLS® # | 10531534 |
|---|---|
| Price | $698,999 |
| Bathrooms | 0.00 |
| Acres | 0.00 |
| Year Built | 1880 |
| Type | Apartments 3+ |
| Sub-Type | Converted Single Fam |
| Status | Under Contract |
Community Information
| Address | 116 Franklin St |
|---|---|
| Area | Central Suffolk |
| Subdivision | Old Town Suffolk |
| City | Suffolk |
| State | VA |
| Zip Code | 23434 |
Amenities
| Utilities | City Sewer, City Water, Electric |
|---|---|
| Features | Laundry Room, Window Treatments |
| Parking | Garage Det 2 Car, Driveway Spc, Street |
| Is Waterfront | No |
| Has Pool | No |
Interior
| Heating | Basebd, Electric, Heat Pump W/A, Programmable Thermostat |
|---|---|
| Cooling | Central Air, Window/Wall |
| Fireplace | No |
| # of Stories | 2 |
Exterior
| Exterior | Stucco, Wood |
|---|---|
| Roof | Asphalt Shingle, Slate |
| Construction | Concrete, Frame |
| Foundation | Crawl, Slab |
School Information
| Elementary | Hillpoint Elementary |
|---|---|
| Middle | King`s Fork Middle |
| High | Kings Fork |
Additional Information
| Days on Market | 87 |
|---|---|
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | 1st Class RealEstate Integrity |
|---|