VA > Suffolk > Old Town Suffolk
Suffolk, VA 23434,116 Franklin ST
Suffolk, VA 23434,116 Franklin ST
Suffolk, VA 23434,116 Franklin ST
Suffolk, VA 23434,116 Franklin ST
Suffolk, VA 23434,116 Franklin ST
Suffolk, VA 23434,116 Franklin ST
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$ 698,999
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$ 698,999
Est. payment | /mo
Save

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

Subdivision Old Town Suffolk

MLS Listing ID 10531534

HOA Y/N No

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

Parking Type Garage Det 2 Car, Driveway Spc, Street

Building

Story 2.0000

Foundation Crawl, Slab

Schools

Elementary Schools Hillpoint Elementary

Middle Schools King`S Fork Middle

High Schools Kings Fork

Others

Senior Community No

Ownership Simple

Disclosures Disclosure Statement, Historical District, Owner Agent

Special Listing Condition Disclosure Statement, Historical District, Owner Agent

Real Estate Information Network (REIN)
© 2024 REIN, Inc. Information Deemed Reliable But Not Guaranteed
Listed by 1st Class Real Estate Integrity
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116 Franklin ST