12251 E Helen Drive, Palmer

$499,900

15 Beds
8 Baths
7,669 Sqft
5 Acres
0 Garages

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).

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 is not willing to do any repairs or spend any money on the property at this new price of $499,900, it's as-is.

Essential Information
MLS® #18-9141
Price$499,900
Bedrooms15
Bathrooms8.00
Square Footage7,669
Acres5.00
Year Built1980
TypeMulti-Family
Sub-Type5+ Units
StatusActive
Community Information
Address12251 E Helen Drive
AreaPA - Palmer
SubdivisionT17NR02ES05 C010
CityPalmer
StateAlaska
Zip Code99645
Amenities
Parking Spaces20
GaragesNone
WaterfrontNone
Features

CO Detector(s), DSL-Cable Available, Smoke Detector(s), In City Limits, RV Parking

Interior
HeatingBaseboard
Exterior
ExteriorWood
ConstructionWood Frame
FoundationPoured Concrete
Roof

Composition, Shingle, Asphalt/Comp Shingle

School Information
ElementarySherrod/Swanson
MiddlePalmer
HighPalmer
Additional Information
Date ListedJune 2nd, 2018
Days on Market732
Zoning

UNZ - Not Zoned-all MSB but Palmer/Wasilla/Houston

Listing Office:

Keller Williams Realty Alaska Group of Wasilla

Property History
Price Reduced from $549,900 to $499,900
Price Reduced from $569,900 to $549,900
Price Reduced from $589,900 to $569,900
Price Reduced from $619,900 to $589,900
Price Increased from $615,000 to $619,900Price Increased from $596,900 to $615,000
Show All History (6)
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Listing information last updated on June 2nd, 2020 at 8:04pm AKDT.