2705 State Highway

Description

Rare opportunity to own an 8-unit, year-round multifamily complex in Eastham. This versatile property is ideal for condo conversion, short-term rentals, employee or corporate housing, continued year-round tenancy, or potential redevelopment. The property consists of six buildings--two duplexes and four standalone units--served by an I/A septic system rated for nine bedrooms. Seven of the eight units are currently occupied with tenants at will; the remaining unit will be delivered vacant, offering flexibility for a new owner. Tenants pay for all utilities, except water. All units are separately metered for electricity, with a common panel for shared spaces. Each unit has it's own hot water heater. Units A & B are heated by separately metered natural gas. The remaining units are heated by electric baseboard heat. The lower level of A/B includes private storage cages for each unit, coin-operated laundry, and an owner's garage--ideal for material storage or possible income expansion. Recent updates have been made to Unit B and Unit 3/4. Strong rental history with significant upside. Asking price reflects a 6.7% cap rate on current rent roll and expenses. Call for more details.