1884 E Shepard Ln , #0181

Description

CHARMING RURAL DUPLEX. NO HOA. HORSE PROPERTY. AN INVESTOR'S DREAM! This duplex is being sold as a commercial property at 2% capitalization rate, as there are no residential comparables for this rare property. Due to this, we are turning to the commercial way of valuing this investment opportunity. It is being sold at a 2 cap (lower than prevailing cap rates right now) because it is unlike any other duplex currently for sale in the state. It is on 1.10 acres, with horse property, so homeowner can live in one side and have horses in their backyard. In addition, this has a great add-value potential by finishing the basements and increasing the rent (once again, quite rare for a duplex to have this). Unfinished basement with washer/dryer hookups and plenty of extra space for storage, with exterior stairwells andexterior doors on each side for easy access to basement. One-car garages with street parking. Central air and heating.Kinetico filtered drinking waterspout on kitchen sinks, and a water softener servicing both units. Lots of land for kids to play and explore. Bus stop for kids less than half block away. Close to Lake Point Park and other services. Lots of land to park your horse trailers, or to have general outside storage. Sellers are the original owners who built it in 2001 and have been the only owners for 23 years. Owners also currently live on the same street as the rental, so eyes are always on the place and any issues have been and are dealt with immediately. Rental has been in high demand almost continuously for 23 years, even with very tough screening measures. Gross Annual Income: $44,400.00. NOI: $38,727.70 to the end of 2024. Sellers have kept detailed NOI since 2021, tax returns confirm this as well. NOI each year has shown increases with organic rent growth increases. Agent has detailed spreadsheet upon request. Horse Property: We have stock water that allows for two large animals (horses, cows, etc.) and small farm animals like chickens (small animals don't count against the water right). This is a super clean, well-maintained property in a quiet and established residential neighborhood with no other duplexes on the street. There are only about five total duplexes in Lake Point that have all been grandfathered in after the moratorium on duplex builds was enacted in the early 2000's. Newest Updates: In 2019, a new high-wind resistant roof was installed with Duration Shingles by Owens Corning. New hot water heaters were installed on both units (2021 and 2022, respectively.) In 2022, a new well pump was installed. In 2022, a new furnace was installed on Unit 1. Built in 2001, so2 no worries on main water or sewer line for many years to come. This property is on a well. The water right for the duplex are separated into two different water numbers: 1)#15-5055 is 0.55 acre-feet (irrigation for landscaping) 2)#15-3899 is 0.984 acre-feet (culinary and stock water) Both water rights will be transferred to new owner on the real estate contract. This duplex must be sold together with the 0.18-acre build-lot that is located around the corner MLS #2006857, list price $275,000. This land is also a rare find in Lake Point, as nearly all built lots in the town are under developer contracts and HOA, this is independently owned. This double sale is part of a 1031 exchange. This sale also has great potential as an opportunity for parents to live close to their kids and grandkids in a safe, rural, and quiet area away from the noise and crime of city life. Most empty land and investment opportunities in Lake Point are passed down from generation to generation, so a sale of this unique nature may not ever come along again.MUST BE PRUCHASED WITH 206812 this is a 1031 EXCHANGE.