High‑Yield 5‑Unit Multiplex — 2 Bed & Basement & Backyard VACANT UNIT to set MARKET RENT at $1400 mo + utilities, would provide a 9% Cap Rate, Turnkey Cash Flow
Cash‑flowing 5‑unit building with long‑term tenants, recent mechanical upgrades, low immediate capital needs, and built‑in management continuity — a hands‑off income play with value‑add upside.
Investment highlights
-Cap Rate: 9% (Vacant unit to set at market rent of $1400+)
- Tenancy: Stable, long‑term tenants delivering reliable monthly income.
- Management: Seller available to stay on as property manager for seamless transition.
- Immediate savings: Four separate PUC electrical meters and two gas meters for clear utility accounting.
- Tenant responsibilities: VACANT Unit 5 tenant pays heat and maintains exclusive basement and fenced yard, reducing owner expenses.
Condition and systems
- Heating: Main apartments (Units 1–4) heated by a Navien gas boiler; Unit 5 has its own gas furnace (installed April 2022).
- Electrical: Units 2 and 3 fully rewired by Top Line
- Roof: Main roof shingles replaced in 2018.
- Safety upgrades: Fire doors installed on every unit.
Value‑add and exit ideas
- Increase rents at turnover to market rates while preserving long‑term occupancy (LARGEST UNIT 2 BED & BASEMENT & BACKYARD IS VACANT)
- Convert owner‑paid heat to tenant responsibility or sub‑meter where feasible to improve NOI.
- Light cosmetic refreshes or targeted renovations in select units to boost rent and appraisal value.
- Hold for steady cash flow or refinance after minor upgrades to extract equity.
Location advantage
Walkable to shopping, laundromat, downtown plaza, and parks — strong renter appeal for convenience and retention.
Book a showing today 705.253.1000 to lock in a dependable yield and fast onboarding with an experienced seller‑manager. MLS #SM253158
635 Wellington ST East
