12251 E Helen Drive

    Palmer, AK 99645
    • $569,900
    • STATUS: Active
    • ON SITE: 561 days
    • MLS #: 18-9141
    Price Reduced
    UPDATED: 19 min ago
    $569,900
    • 15
      BEDS
    • 5
      ACRES
    • 8
      BATHS
    • 0
      1/2 BATHS
    • 7,669
      SQFT
    • $74
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1980
    Area:

    School Information

    Elementary School:
    Middle School:
    High School:

    Description

    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 lot. 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 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 decided to include the 2.2 acres. This 2.2 acres added now was appraised in 2018 for $82,000. According to the Seller, 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 companies to do this. If the purchaser of this property wants the subdivision completed, the seller will use his workers to do the work with no markup (at his cost only). The seller is willing to help with any work that a buyer would want done including working on running the public water, working on changing out the hot water heat, painting, etc. He has his guys that work for his other contracting companies that he would be willing to allow a buyer to pay their labor with no mark-up. He owns a flooring company as well and is willing to provide the flooring for one year at his direct cost including his overhead but with no markup. In the seller's opinion, this property has been horribly mismanaged. He has spent very little energy in this property. He hasn't looked at market rents in years and isn't sure what the units could actually rent for. He has a manager living on site that he has given half off of his rent for managing the building. He said there are some tenants that should be replaced as they have been late on paying, etc. Only 2 units have washer and dryers. He said there is a good spot in the utility room for putting some coin washer and dryers, he just hasn't done it. This could allow an increase in rents for the units that currently have to go to the laundromat and would bring in additional income for the coin machines. He is not managing the trash well at all. He is having it dumped on a regular schedule instead of having it dumped when full. He thinks a considerable money could be saved here if managed properly. Currently gas and electric have ran $5,400 per year. The seller says the electric bill seems way high, he is working on getting MEA to do an audit to see what is happening there. He also says that he has an on demand hot water heater that feeds the baseboard heat only. The heat for the hot water is done individually, each unit has a hot water heater. He said if someone would hot water on the same boiler that is producing the heat it would be much more efficient. The seller is currently paying utilities. The building is currently on 5 acres but he has almost fully completed the subdivision process. John Shadrach is the surveyor. John told me it would only take about 30 days to finish things on his end. City water needs to be ran to the lot that would be subdivided off. This would be a very valuable lot with tons of potential in itself. This would be a big reduction in the cost basis of the property if this lot was sold or even subdivided and then sold. Here are the rents: Unit 1 $750.00 Unit 2 $750.00 Unit 3 $700 unit 4 $700 unit 5 $850 unit 6 $850 unit 7 $900 unit 8 $900. Total $6300.00 I am not sure currently how many properties are on a month to month. He said most of them are on month to month. I don't have copies yet of all of the leases but he is working on getting them to me. The seller is very motivated and willing to make a deal. He has just recently gotten very serious about selling this property. This is now a short sale as well. He has already talked with his bank and he said that they are on board with making this happen.

    Monthly Payment Calculator

    DISCLAIMER: The listing content relating to real estate for sale on this web site comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than RMG Real Estate Network | Keller Williams Realty Alaska Group are marked with either the listing brokerage's logo or the AK MLS logo and information about them includes the name of the listing brokerage. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy. Listing information was last updated on: 2019-12-15T17:39:03.99.
    www.alaskahomesearch.com/homes/84184481

    12251 E Helen Drive Palmer, AK 99645

    • Price: $569,900
    • Status: Active
    • Updated: 19 min ago
    • MLS #: 18-9141
    15
    Beds
    8
    Baths
    0
    ½ Baths
    5
    Acres
    7,669
    SQFT
    $74
    $/SQFT
    1980
    Built
    Neighborhood:
    Palmer
    Area:
    Palmer
    Elementary School:
    Sherrod/Swanson
    Middle School:
    Palmer
    High School:
    Palmer
    Property Description
    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 lot. 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 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 decided to include the 2.2 acres. This 2.2 acres added now was appraised in 2018 for $82,000. According to the Seller, 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 companies to do this. If the purchaser of this property wants the subdivision completed, the seller will use his workers to do the work with no markup (at his cost only). The seller is willing to help with any work that a buyer would want done including working on running the public water, working on changing out the hot water heat, painting, etc. He has his guys that work for his other contracting companies that he would be willing to allow a buyer to pay their labor with no mark-up. He owns a flooring company as well and is willing to provide the flooring for one year at his direct cost including his overhead but with no markup. In the seller's opinion, this property has been horribly mismanaged. He has spent very little energy in this property. He hasn't looked at market rents in years and isn't sure what the units could actually rent for. He has a manager living on site that he has given half off of his rent for managing the building. He said there are some tenants that should be replaced as they have been late on paying, etc. Only 2 units have washer and dryers. He said there is a good spot in the utility room for putting some coin washer and dryers, he just hasn't done it. This could allow an increase in rents for the units that currently have to go to the laundromat and would bring in additional income for the coin machines. He is not managing the trash well at all. He is having it dumped on a regular schedule instead of having it dumped when full. He thinks a considerable money could be saved here if managed properly. Currently gas and electric have ran $5,400 per year. The seller says the electric bill seems way high, he is working on getting MEA to do an audit to see what is happening there. He also says that he has an on demand hot water heater that feeds the baseboard heat only. The heat for the hot water is done individually, each unit has a hot water heater. He said if someone would hot water on the same boiler that is producing the heat it would be much more efficient. The seller is currently paying utilities. The building is currently on 5 acres but he has almost fully completed the subdivision process. John Shadrach is the surveyor. John told me it would only take about 30 days to finish things on his end. City water needs to be ran to the lot that would be subdivided off. This would be a very valuable lot with tons of potential in itself. This would be a big reduction in the cost basis of the property if this lot was sold or even subdivided and then sold. Here are the rents: Unit 1 $750.00 Unit 2 $750.00 Unit 3 $700 unit 4 $700 unit 5 $850 unit 6 $850 unit 7 $900 unit 8 $900. Total $6300.00 I am not sure currently how many properties are on a month to month. He said most of them are on month to month. I don't have copies yet of all of the leases but he is working on getting them to me. The seller is very motivated and willing to make a deal. He has just recently gotten very serious about selling this property. This is now a short sale as well. He has already talked with his bank and he said that they are on board with making this happen.
    Exterior Features

    Access Type Dedicated RoadMaintained Carport Spaces 0 Carport Type None Construction Type Wood Frame Exterior Finish Wood Foundation Type Poured Concrete Garage Type None Parking Spaces 20.00 Roof Type AsphaltCompositionShingle Topography Level Waterfront Access Near None Waterfront Frontage None

    Interior Features

    Fuel Type Natural Gas Heat Type Baseboard

    Property Features

    Borough Census Area 1D - Matanuska Susitna Borough Construction Status Existing Structure Exp Annual 25444.00 Features Multifamily Co Detector(S)Dsl-Cable AvailableIn City LimitsRv ParkingSmoke Detector(S) Foreclosure Bank Owned No Income Gross Annual 55656.00 Mortgage Info EMMinimum Deposit 6000.00 Multifamily Type 5+ Units New Finance Terms ConventionalOther-See Remarks Region 1 - Southcentral Alaska Region Sewer Type Septic Tank Water Type Public Zoning Unz - Not Zoned-All Msb But Palmer/Wasilla/Houston

    Listing Office Keller Williams Realty Alaska Group Of Wasilla. Copyright 2019 Alaska Multiple Listing Service, Inc. All rights reserved.
    DISCLAIMER: The listing content relating to real estate for sale on this web site comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than RMG Real Estate Network | Keller Williams Realty Alaska Group are marked with either the listing brokerage's logo or the AK MLS logo and information about them includes the name of the listing brokerage. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy. Listing information was last updated on: 2019-12-15T17:39:03.99.
     
    RMG Real Estate Network | Keller Williams Realty Alaska Group
    101 W. Benson Blvd.; Suite 503
    Anchorage AK, 99503