Elmwood is a garden-style complex consisting of 2 buildings sitting on approximately 1.5 acres. Elmwood boasts 13, one-bedroom units with approximately 700 sq.ft. of living space, 11, two-bedroom units with approximately 800 sq.ft. of living space, and 7, two-bedroom / two-bathroom units with approximately 850 sq.ft. of living space. Notable for investors is the historical occupancy, which is currently at 100% and has maintained levels between 95-100%. The property is well-located, providing tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home.
Elmwood has experienced some notable capital improvements recently and a new investor will benefit for many years to come. Current ownership replaced the boiler in the larger building was replaced in 2018. Current ownership also replaced both roofs and added insulation to both buildings in 2019. This offering represents a turn-key investment for a multifamily investor with significant upside through rental rate increases. The property is outfitted with a Land-lord paid, hot-water baseboard heating system and the electricity is separately metered, but paid for by the landlord. Amenities at the property include on-site laundry, and sleeve-unit Air Conditioning. A major factor affecting the strong historical performance is the aforementioned location.