• 6.85% current cap rate / 7.22% Year 1 / 8.08% pro forma • $210,000/unit — below market comp avg of $222,017 • Strong rental upside — studios 20%+ below pro forma rents • Opportunity Zone — major capital gains tax advantage • Two separate parcels — ideal for 1031 exchange • 6 garages + 6 open spaces + tandem driveway • No on-site manager required — saves ~$14,400/yr • Individually metered gas & electric — tenants pay utilities • RUBS in place — owner recovers water/trash costs • 6.21%–9.72% cash-on-cash depending on stabilization