58-60 Elgin Street
Two freestanding 12-plex buildings on adjacent lots — 24 units of portfolio-level scale at small-building pricing. In-place rents average 23.9% below market, creating $104,905 in annualized rent upside on natural turnover alone. The seller has completed over $200K in major capital including fire alarm retrofit and window replacement across both buildings, materially reducing near-term capital exposure for an incoming operator. Hydro individually metered to tenants. A single superintendent covers both buildings at $7,248 per year.
$104,905 Annual Rent Upside
In-place rents average 23.9% below market. Each unit turnover adds an average $364/mo to revenue — no AGI required to capture organic rent growth.
$200K+ Seller Capital Invested
Fire alarm retrofit with notifier to Belleville Fire (2023–24). Window replacement ~90% at 58 Elgin, ~70% at 60 Elgin. Modernized envelope and life-safety.
Individually Metered Hydro
Baseboard electric paid directly by tenants — largest utility expense offloaded, insulating NOI from energy cost volatility.
Scale at Small-Building Pricing
Two 12-plexes on adjacent lots deliver portfolio-level efficiency at $162K/unit — $1,945,000 per building. One superintendent covers both buildings.
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Information contained herein is believed to be accurate but is not warranted and is subject to change, prior sale, or withdrawal without notice. Financial figures reflect in-place operations as reported by the seller; buyers should verify all figures independently in the course of their own due diligence. Prepared by McKinney Realty for qualified investors.