12251 E Helen Drive, Palmer
- Sq. Ft.7,669
Incredible opportunity to own this 8-plex in Palmer City Limits w/ public water on 5 acre lot. 2.2 of the 5 acres is almost fully ready to finish subdividing. Would make a great commercial or multi-family building lot. Great rental history, fully rented now. Approx. NOI of $53,156 per year. 8-plex and 2.2 acre lot appraised for $687,000 in 2018. Excellent deal, don't miss this one!This property has tons of potential. The owners have spent a lot of energy over the last year in turning the property around. They have got new tenants, a great property manager who lives in the building and more. 4 of the tenants work for the owner in a separate playground/turf and flooring company that he owns. Prior to recording the seller will do some additional site work including; a volley-board court area and a kid play area with playground equipment. He will also add some nice grassy areas and really clean the exterior of the land around the 8-plex up. If a buyer wanted, the seller will supply the labor to put in a cedar fence to break up the two properties, buyer would only be responsible for materials. The 8-plex was previously listed for sale on 2.8 acres for $596,400. This was not including the 2.2 acres adjoining this property that is almost finished subdividing. The seller just decided to include the 2.2 acres and only raised the price to $619,900. This 2.2 acres added now was just appraised in 2018 for $82,000. There are current comparables that justify even more value than that. The last thing needed to subdivide this lot off of the main lot containing the 8-plex is to run the city water line to the 2.2 acres. The seller has seen estimates around $15,000 from other companies to do this. If the purchaser of this property wants the subdivision completed, the seller will do the work for $7,500 and if it costs more than that, the seller will make up the difference. The seller will also provide a $10,000 flooring allowance that can be used for two years from the date of recording to replace flooring as needed in the 8-plex.
- MLS® #18-9141
- Square Footage7,669
- Year Built1980
- Sub-Type5+ Units
- FeaturesCO Detector(s), In City Limits, Smoke Detector(s), DSL-Cable Available, RV Parking
- Parking Spaces20
- RoofAsphalt/Comp Shingle
- ConstructionWood Frame
- FoundationPoured Concrete
- Days on Market380
- ZoningUNZ - Not Zoned-all MSB but Palmer/Wasilla/Houston
- Address12251 E Helen Drive
- AreaPA - Palmer
- SubdivisionT17NR02ES05 C010
- Zip Code99645
- Listing Agent:Dustin Renner
- Listing Office:Keller Williams Realty Alaska Group Of Wasilla
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Listing information last updated on June 16th, 2019 at 6:19pm AKDT.