1401 Oakley Ave Burley, ID 83318

Property Details for 1401 Oakley Ave

Lot size

0.29 lot acres

Property type

Commercial real estate

APN

RPBB001152013A

APU

RPBB001152013A

Description

This exceptional 14-unit apartment building, located at 1401 Oakley Ave in Burley, Idaho, presents a compelling investment opportunity. The property boasts a total of 13,525 square feet across a 0.29-acre lot, with a desirable mix of unit sizes ranging from 627 to 1309 square feet. The building features a blend of one-bedroom, two-bedroom, and three-bedroom apartments, all with one bathroom. Completely renovated in 2021, this Class B property features new plumbing, electrical, HVAC systems, framing, roof, kitchens, bathrooms, flooring, and finishes. Each unit includes ductless mini-split AC units in the main living area and wall heaters in the bedrooms and bathrooms. The property benefits from a 100% occupancy rate, generating a Net Operating Income (NOI) of $114,000 and a 5.07% cap rate. The asking price is $2,249,371, translating to $160,669.36 per unit and $166.31 per square foot. Conveniently located near local businesses, the property also includes three coin-operated washers and dryers in the basement, providing an additional revenue stream. Low maintenance landscaping (all rock) minimizes upkeep costs. Tenants are responsible for water, sewer, trash, and electricity, while the owner covers electricity for common areas. The original structure dates back to 1916, with a significant addition in 1955. This meticulously renovated property offers a strong return on investment with minimal ongoing maintenance requirements. The APN is RPBB001152013A.