Home Details for 1337 Merl Place

This is the investment property that you've been waiting for. With nearly $60,000/year in rental income, this property, even after calculating in the property management expense of 8%, yields a capitalization rate of nearly 7! Located in a quiet culdesac, backing to Carr Park and just steps from Northridge Elementary, this a highly desirable location for renters with historically low vacancy rates. Tenants are stable and prefer to stay but all leases expire on 5/31 allowing reasonable flexibility for the new owner. All 3 units are identical with 3 BRs upstairs and one full BA with the primary BR having access to a private, west facing balcony. The main levels offers a generously sized living room, dining room, kitchen and half bath. The bonus potential upside in these units is the unfinished basement which allows for future expansion of number of bedrooms and rental income. And with massive parking lots, there are plenty of spaces for all of the tenants without parking issues. A new roof, newer windows and newer LVP floors in two of the three units allow the property to be in overall good shape but the price allows for any improvements that the next owner may want to make. Property is priced to sell in as-is condition and will be marketed with 2 open houses- the only opportunity for showings, Saturday 1/31/26 from 11-2 and Wed 2/4/26 from 11:30-2:30. There are currently multiple offers on this property. All offers will be due by 5 pm on 2/5/26 with a response deadline of 5 pm on 2/6/26.

• Utilities

  • Electricity Available
  • Natural Gas Available

• Basement

  • Full
  • Unfinished

• Heating Information

  • Forced Air

• Water Features

  • Public