Location

EXECUTIVE SUMMARY:

Maplewood Manor offers a selection of one-bedroom apartments, ranging from 450 to 735 square feet. The property is comprised of ranch-style buildings that were built in 1954 and a two-story, California style building constructed in 1970. The property has been well maintained over the years and last year underwent a $300,000 renovation that included the upgrade of 23 units with new kitchens, baths, flooring and fixtures. These renovated units command $30-$50 more in rent compared to standard units.

The property’s utility structure is appealing, with 32 of the units serviced by individual and separately metered forced-air furnaces, hot-water tanks and sleeve AC units. The remaining 8 units are serviced by a hot water baseboard boiler. With a large portion of the property separately metered this shifts most of the utility costs to the tenant. Water is master-metered for the entire property; however, ownership does charge a water surcharge.