5315 Cabanne Avenue

About this property

The Cabanne Castle is a three-story Tudor-style brick condominium building in the West End, totaling approximately 31,898 sq. ft. It includes 42 units: (24) 1-bed 1-bath and (18) 2-bed / 1-bath. Market rent for the 1 bedrooms is $1,285 based on 24 single bedroom apartments within a mile in the last year, 2 bedrooms avg rent is $1,476 based on 21 apartments in the last 18 months. Pro forma income once renovated and stabilized is $647,562 with net income of $420,916. The lower level offers 24 underground parking spaces and room for tenant storage. This multi-family rehab is ideal for developers or investors. While the project needs completion, many plans and permits have already been approved by the city (some will require renewal). Completed improvements include demolition, new rear and side windows, tuckpointing, framing, and leveled floors. The building is ready for mechanical, electrical, and plumbing installation. An adjacent lot is included and can be used for additional parking. Historic tax credits are available. The lower level offers potential for added units, a lounge, or a gym. Estimated ARV: $5,800,000 Estimated Completion Cost: $3,000,000 Potential Tax Credits: $1,000,000+. There is potential for more than 32% equity upon completion. Seller financing is available for well-qualified buyers. Seller will consider all reasonable offers