116 Franklin ST Active Save Request In-Person Tour Request Virtual Tour
Suffolk,VA 23434
Key Details
Property Type Apartments 3
Listing Status Active
Purchase Type For Sale
Subdivision Old Town Suffolk
MLS Listing ID 10531534
Year Built 1880
Annual Tax Amount $1,545
Property Description
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%.
Location
State VA
County Suffolk
Area 62 - Central Suffolk
Interior
Hot Water Electric
Heating Basebd,Electric,Heat Pump W/A,Programmable Thermostat
Cooling Central Air,Window/Wall
Flooring Carpet,Laminate/LVP,Vinyl,Wood
Exterior
Garage Garage Det 2 Car,Driveway Spc,Street
Garage Spaces 522.0
Garage Description 1
Utilities Available City Sewer,City Water,Electric
Roof Type Asphalt Shingle,Slate
Building
Story 2.0000
Foundation Crawl,Slab
Schools
Elementary Schools Hillpoint Elementary
Middle Schools King`S Fork Middle
High Schools Kings Fork
Others
Special Listing Condition Disclosure Statement,Historical District,Owner Agent