Property Description

174 Pine Street contains (36) 2-Bedroom/1-Bathroom townhouse units and is comprised of 4 well maintained buildings. The direct entry townhouse units offer full basements with exterior access, ample storage space, individual mechanical systems, and laundry hookups for a washer and dryer. The units are separately metered for electricity, gas fired heat and hot water, and domestic water and sewer. Within the past 10 years, current ownership has completed numerous capital upgrades and renovations to a majority of units (32 of 36 units renovated with new kitchens and bathrooms). Additionally, 25 of the roofs and approximately two-thirds of the parking surface area have been replaced. All windows are vinyl replacement windows, and every unit is equipped with a newly installed rear deck and stairway. The opportunity exists to increase rents to market rates via programmatic updates to the unrenovated units in a highly desirable, supply-constrained market.