4424 51st Street – Talmadge

Drone video footage of ans 11 unit apartment in Talmadge. The complex was completely refurbished in 2016 (constructed in 1965), and offers tenants on-site parking, 3 garages, 8 open parking spaces, communal laundry room & BBQ, bike rack, and secured gated access.  The property underwent a full $400,000 remodel in 2016 with new kitchens, baths, flooring, interior paint, ceiling fans, fixtures, redwood design elements, fencing, lighting, concrete work, roof work, and drought tolerant landscaping.  The 51st St. Apartments have an average unit size of approximately 767 sf and consist of one (1) 2 Bedroom / 2 Bath, six (6) 2 Bedroom / 1 Bath, and four (4) 1 Bedroom / 1 Bath units situated on a 9,374 square foot lot.  The property sold for $266,364 per unit and $347.16 per square foot.  The value indicators at time of sale were Gross Rent Multiplier at 13.4 and CAP Rate at 5.2%.