This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated. The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner. The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve operating efficiency, ultimately increasing net operating income. Ideal for investors seeking a stable, cash-flowing asset with proven income and the ability to create higher returns through operational improvements and rent growth.

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Property Details of 391 Waterman Avenue

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Costello Realty

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Property Details of 391 Waterman Avenue

Property Details

Basic Information

Location

Exterior Features

Features

Map Location

Hi there! How can we help you?

Hi there! How can we help you?

Hi there! How can we help you?

Costello Realty