This is one of two, nearly identical duplexes for sale across the street from each other in Hamilton Township. The other is 229 Emanuel St. They are available individually or as a package for real estate investors or live-in landlords. We will provide serious buyers detailed descriptions of each property and a financial analysis.
228 Emanuel St has two, one-bed apartments with single baths and detached garage for extra income opportunity. It has separate gas boilers and water heaters and separate electric meters. Tenants pay gas and electric. The upstairs apartment includes a finished attic. The downstairs apartment has a full basement. Both apartments have double-pane windows.
It is a turnkey property that promises nearly maintenance-free operation and good income, high appreciation and, of course, depreciation benefits.
Emanuel Street is very short and is really its own neighborhood. Properties are well-maintained and a number of owners have updated theirs.
The apartments are both rehabbed and in excellent condition. The basement is partially finished for extra living area. The renovated kitchens feature granite countertops and the bathrooms include ceramic tile.
The upstairs apartment has new carpet and laminate flooring and was painted a little more than a year ago.
The downstairs apartment has refinished wood floors and has been freshly painted.
The duplex is fully tenanted. Monthly rents are $1194 and $1350 for 228 Emanuel for a yearly total of $30,528. All rents are paid automatically through an online app.
Monthly maintenance is low since the apartments have been well maintained. Tenants are on yearly leases.
An independent appraisal of 228 Emanuel projected a nine-percent increase in value during 2021 across the entire neighborhood due to two factors: 1. Low inventory and a marketing time of less than 60 days.
The appraisal report specifically said:
“THE MEDIAN PRICE OVER THE PAST 90 DAYS ($196,000) HAS INCREASED FROM THE SAME PERIOD OF 2019 ($180,000), SHOWING A 9% INCREASE.” It also reported that: “CURRENT MARKET CONDITIONS APPEAR TO BE STRONG; THUS, MARKETING TIME IS ESTIMATED TO BE UNDER 60 DAYS.”