Absentee Cash Flowing 18-Room Boarding House For Sale

Purchased over 40 years ago by the current owner this Boarding Home was built in 1880. This 6,276 square feet 3-story property on .25 acres currently has 18 rooms for rent with no vacancy. Tenants rent on a short-term basis, typically weekly or monthly. Minimum rent is $215/mo and some larger rooms are $875/month. Each room is equipped with window air conditioning unit and cable. The first floor has a wide and open floor plan ripe for expansion as the home has a Certificate of Occupancy for 31 tenants. Owner receives numerous calls each week with potential tenants so full occupancy is the norm. 6 additional rooms can be built on this floor which would add approximately $5K/mo in revenue. Occupied rooms are located on both the 2nd and 3rd floors. There are some larger rooms but most are similar in size with shared/common areas, bathrooms and washer/dryer. The property is fully licensed and up to code including: Owner/Operator License for Boarding, Fire/Safety Compliance, Housing/Building Compliance, and Boiler Permit. The building is being sold as is, however, currently one bathroom is being updated along with the flooring on the 2nd floor. There is a new electric panel, the roof was replaced only two years ago, and both the boiler and hot water heater are three years old. An onsite current resident helps owner with small tasks around property and collection of rent. Owner lives about 2 hours away and picks up rent every other week. This is a largely absentee business. Rental income is $200K per year and nets $140K. Expenses are $58K and details will be provided to serious buyers.