This bread & butter property consists of sixteen (16) units, comprised of five (5) (460 Sq. Ft.) singles and eleven (550 Sq. Ft.) 1+1s.  The building has been well maintained and is seperately metered for electric and master metered for gas.  The two-story center hallway building has a 5-year old roof and been well maintained by the owner.

The property has four (4) tenants with six months left on their leases, four (4) tenants who have given notice and eight (8) tenants who have agreed to sign a new one year lease.  See Attachment for details.

The building has a regulatory agreement affecting 70% of the residential units, limiting the rent to $796 for one person, $909 for two people, $1023 for three people and $1,137 for four people for each unit.  This has very little effect on the upside potential of the building considering the market rent in the area for singles is $795 and for 1-bedrooms it's $1,000.

The location of the property is between St. Andrews and Wilton on Virginia Ave, across from Sears (development site).