401 E Willard Ave

8.66% cap rate.

The offering consists of an 11,042 SF, two-story brick building with garden-level units, constructed in 1969 on an approximately 0.43-acre site with ±30 parking spaces. With a current occupancy of approximately 94%, the asset offers investors a stabilized cash-flowing foundation while still providing meaningful upside through continued renovation and rent growth.

The unit mix includes 16 two-bedroom units and 2 one-bedroom units, positioning the property squarely within the most in-demand segment of the local renter market. Recent ownership has already completed capital improvements—including a new roof, gutters, and downspouts—and has renovated five units, creating a clear value-add runway through the renovation of remaining interiors and the potential to drive increased income over time.

Utility structure enhances long-term stability, as tenants pay their own electricity, while the landlord covers remaining utilities, supporting strong occupancy and consistent leasing in this segment of the market. Willard Apartments represents a compelling opportunity to acquire a well-located, durable multifamily asset at workforce-housing price points—ideal for investors seeking both immediate yield and future upside.

Call broker for further details.