116 Franklin Street Suffolk, VA 23434
A FIVE-unit building with a positive monthly cash flow of approx $6900/mo. $5000 being rented as FURNISHED mid-term rentals. Includes 4 -1bd/1 ba units (rent for $1200-$1300/mo. each) and one large (1600 sq ft) 3bd/1ba unit (rents for $2000/mo). All five units have been renovated since 2019, and some upgrades include ALL NEW WINDOWS, exterior paint, new flooring throughout, central HVAC in the largest unit, and new countertops, cabinets, and appliances. 2 newly renovated units were added in Jan 2024. The building includes shared laundry (possible additional income stream if added coin-laundry) and an all-brick carriage house being sold as-is. The Carriage house offers possible additional income as rentable storage or additional units. All furnishings convey. The building is 100% occupied. Showings must be scheduled a minimum of 72 hours in advance. Rent includes electricity, water, and internet. 30-day minimum stays. 2023 (3 units)had a 4% cap rate. Vacancy rate for 2023 was 75%.
- Property TypeOther
- NeighborhoodN/A
- CountySuffolk Va
- Taxes$1,545
- HOA/Condo/Coop Fees$0
- Days on Site20 Days
- MLS StatusActive
- MLS ID Number10531534
- Home Size Source N/A
- Year Built1880
- Lot Size Acres
- Full BathsN/A
- Partial BathsN/A
Sell your house quickly!
Get multiple potential cash offers for your home. Fast and hassle-free!
Learn MoreRecent Activity For 116 Franklin Street Suffolk, VA 23434
2 weeks ago | |
2 weeks ago | |
3 weeks ago |
Don't miss a thing!
Get updates on new activity for this listing
General Features
- Construction ConcreteFrameStuccoWood Siding
- Parking Garage Det 2 CarDriveway SpcStreet
- Number of Stories 2
- Attached Garage No
- Utilities Sewer AvailableWater AvailableElectricity Available
- Foundation Slab
Interior Features
- Cooling Central AirWindow/ Wall
- Heating BasebdElectricHeat Pump W/ AProgrammable Thermostat
- Flooring CarpetLaminate/ L V PVinylWood
- Fireplace No
Exterior Features
- Roof AsphaltSlate
Community Features
- MLS Area 62 - Central Suffolk