428 S. Witmer Street represents an attractive opportunity for a new investor to acquire a stabilized apartment building with low operating expense ratios in a proven rental market. The property is offered at an asking price of $1,600,000 and is priced at a 6.35% cap rate and 10.07 GRM based on in-place operations, providing solid going-in returns on a fully occupied asset. Operating expenses are well controlled at approximately 34% of effective gross income, supported by separately metered utilities and efficient property operations. With continued rent growth to market levels, the property offers meaningful upside. On a pro forma basis, rental income increases to approximately $192,000 annually, resulting in a projected 8.27% cap rate and 8.33 GRM, with net operating income increasing from approximately $101,500 to $132,300. The strong in-place income supports attractive financing at approximately 70% loan-to-value, allowing investors to acquire a well-performing asset with favorable leverage and long-term upside.
