Castleford Units #1-4 of 8 HUD Housing Units

$497,500

321 Main Street, Castleford, ID 83321

For Sale

Multifamily Garden Low Rise

Active

Last Updated: 10/16/2024

Details:

Cap Rate: 7.8%

Pro Forma Cap Rate : 8.6%

Building Size: 3,532 sqft

Lot Area: 0.21 acres

Occupancy: 100%

Class: B

Units: 4

Year Built: 1982

Floors: 2

Parking Spots: 6

Year Last Renovated: 2020

Roof: Comp 2022

HVAC: Baseboard / Wall AC

Offered by

Curtis Ellis

Designated Broker

Elevate Realty Commercial & Investments

#DB29934

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Highlights:

HUD Guaranteed Rents
Low inventory = Low vacancy
Many recent updates!
Additional utility reimbursement through HUD

Description:

Guaranteed rents through HUD Section 8 housing. Well priced 4-plex in Castleford, Idaho. Must sell with the second 4-plex located at 439 Maple (https://brevitas.com/p/4qzgdfGW), for a combined price of $995,000. These units have had extensive upgrades in the last few years - windows, roofs, paint, sidewalks, etc., ... Buyer will need to be approved for the HUD program and procure a HUD approved manager or become approved themselves to self-manage. Once you are in the program, you can add additional units anywhere as they come available. Low turnover as tenants receive rent assistance based upon ability to pay + a utility allowance. Proforma rents are the new rates for 2025 which will begin as the leases turn over. Please do not disturb tenants. Seller may elect to do an IRC Section 1031 Exchange at no cost to buyer. BTVA.