About 361-363 Broadway
This investment property presents a compelling opportunity for real estate investors, particularly those considering a 1031 exchange.
Property Overview
Type: 4-family residence with 2 commercial spaces and a detached garage.
Condition: Sold AS IS, with existing tenants in place.
CASH OFFERS ONLY.
Potential Rental Income
Three-bedroom units: 2,800-3,000/month.
Two-bedroom units: 2,300-2,500/month.
Commercial spaces: 1,500-1,800/month each.
1031 Exchange Considerations
This property qualifies for a 1031 exchange, allowing investors to defer capital gains taxes by reinvesting the proceeds into a like-kind property within specific timelines. The IRS mandates that the replacement property be identified within 45 days and acquired within 180 days of the sale. Both the relinquished and replacement properties must be held for investment or business purposes to qualify. Needs 24 hour notice for showings.
