Discover an exceptional investment opportunity with this spacious duplex located at 718 Woodlane Avenue in the desirable community of Edgewater Park. Offering immediate rental income, flexible living arrangements, and long-term upside potential, this multifamily property is perfectly suited for both owner-occupants and experienced investors alike. With a recent price reduction, a large lot, onsite parking, separate utilities, and one vacant unit ready for immediate occupancy, this property represents a rare chance to secure a versatile income-producing asset in today’s competitive real estate market.
Originally built in 1890, this classic duplex combines timeless character with practical modern updates, creating a property that offers both charm and functionality. Spanning approximately 2,252 square feet of interior living space, the building is thoughtfully divided into two separate residential units, each designed to maximize privacy, convenience, and rental appeal.
One of the most attractive features of this property is its flexible occupancy situation. The first-floor unit is currently vacant and available for immediate showings and occupancy, making it ideal for buyers seeking a move-in-ready residence with built-in rental income from the second unit. Alternatively, investors can immediately market the vacant unit for additional cash flow while continuing to benefit from the established rental income already generated by the upstairs tenant.
The occupied second-floor unit is currently rented to a long-term tenant generating approximately $2,030 per month in rental income. This existing lease arrangement provides immediate and stable cash flow from day one of ownership, significantly enhancing the property’s investment appeal. Long-term tenants are often highly valuable in multifamily properties, providing consistency and reducing turnover-related expenses.
For owner-occupants, this setup creates an ideal “house hacking” opportunity. Buyers can live comfortably in the spacious first-floor unit while using the income from the second-floor tenant to offset mortgage payments, taxes, maintenance costs, or other living expenses. In many cases, multifamily ownership like this can create a far more affordable path to homeownership compared to traditional single-family homes.
The first-floor unit features three generously sized bedrooms and one full bathroom, offering comfortable living space for families, roommates, or tenants seeking extra room. Spacious bedrooms remain highly desirable in today’s rental market, especially among households needing flexible living arrangements, home office space, or guest accommodations.
Natural light flows throughout the interior spaces, creating a welcoming and functional atmosphere. The layout is designed to maximize practicality while maintaining a comfortable residential feel. Buyers will appreciate the opportunity to personalize or update the vacant unit according to their preferences while immediately benefiting from the income potential it offers.
The second-floor unit mirrors the strong functionality and rental appeal that make this duplex such an attractive opportunity. While currently occupied and unavailable for immediate showing access, the long-term tenancy demonstrates the property’s livability and stable rental demand within the area.
A major advantage of this duplex is the presence of separate gas and electric meters for each unit. Separately metered utilities simplify property management, improve tenant accountability, and reduce operational expenses for owners. This setup is particularly beneficial for investors focused on maintaining efficient and predictable property expenses.
Heating throughout the property is provided by natural gas radiator systems, a reliable and effective heating method known for delivering consistent warmth during colder months. Window unit air conditioning provides cooling flexibility during the summer season, allowing tenants or occupants to customize indoor comfort levels according to their needs.
The property also includes gas water heaters and public utility connections, including public sewer and water service, ensuring dependable infrastructure and reducing concerns often associated with older properties using private systems.
One of the most significant recent improvements to the property is the roof, which was replaced approximately five years ago. Roof replacements represent a major capital expense for property owners, so having a relatively newer roof significantly reduces near-term maintenance concerns and enhances overall investment confidence. Buyers can feel reassured knowing that one of the property’s most important structural components has already been addressed.
The exterior of the property sits on a spacious 0.39-acre lot, providing ample outdoor space and additional flexibility rarely found in many multifamily properties. The large lot contributes to the property’s curb appeal while also creating opportunities for future enhancements, landscaping improvements, outdoor recreation spaces, or expanded parking configurations.
Onsite driveway parking is another valuable feature that adds convenience for both occupants and tenants. Off-street parking continues to be a highly sought-after amenity, especially in multifamily housing situations where parking availability can directly influence tenant satisfaction and rental demand.
The property’s location in Edgewater Park further strengthens its appeal. Edgewater Park is known for its suburban charm, accessibility, and proximity to major transportation routes, shopping, schools, and recreational opportunities. Residents enjoy a quieter residential environment while still benefiting from convenient access to surrounding commercial centers and regional destinations.
For commuters, the property’s location provides strong accessibility to nearby employment hubs, making it attractive to tenants seeking affordable housing options with practical transportation access. Multifamily properties in well-connected suburban communities often experience consistent rental demand due to their balance of affordability and convenience.
From an investment perspective, this duplex offers several compelling advantages. The combination of immediate cash flow, a vacant unit ready for occupancy or lease-up, separate utilities, updated roofing, and a large lot creates a strong foundation for both short-term income and long-term appreciation potential.
Investors focused on rental property portfolios will appreciate the flexibility this property provides. The ability to immediately occupy, renovate, or rent the first-floor unit allows new owners to implement value-add strategies based on their individual goals. Cosmetic updates, interior modernization, or exterior improvements could further increase rental income and property value over time.
Because the property already includes one income-producing tenant, buyers can avoid the challenges of starting from zero occupancy. Stable rental income from the second-floor unit provides financial support while owners determine the best approach for the vacant first-floor space.
The duplex configuration also creates multiple future possibilities. Owners may choose to fully operate the property as a rental investment, occupy one unit while renting the other, or potentially reposition the property for higher-end rentals depending on local market demand and renovation plans.
Properties like this continue to attract significant interest because they offer a balance of affordability, flexibility, and income generation that is increasingly difficult to find in today’s housing market. Multifamily real estate remains especially attractive during periods of economic uncertainty because of its ability to generate recurring monthly income while also building long-term equity.
The property’s 1890 construction adds historic character and charm that many newer buildings simply cannot replicate. Older homes often feature durable construction methods, spacious room dimensions, and architectural details that remain highly desirable among tenants and homeowners alike.
At approximately 2,252 square feet, the duplex provides substantial interior space relative to many comparable multifamily properties. Larger units with multiple bedrooms often attract longer-term tenants and families seeking stable housing solutions, contributing to reduced turnover and more consistent occupancy.
The annual property tax amount and assessed value further position this duplex as an appealing opportunity relative to its income potential and overall size. Savvy investors understand the importance of balancing acquisition costs, rental income, operating expenses, and long-term appreciation potential when evaluating multifamily properties.
For buyers entering the real estate investment market, this property offers an excellent opportunity to begin building a portfolio with a manageable and practical multifamily asset. For experienced investors, it represents an opportunity to expand holdings with a property that already demonstrates strong rental performance and future upside potential.
The recent price reduction adds even greater value to the offering, increasing affordability while improving overall investment metrics for both owner-occupants and rental property investors. Opportunities to acquire income-producing duplexes with flexible occupancy options, updated structural components, and established rental history are becoming increasingly limited in many markets.
Ultimately, 718 Woodlane Avenue delivers a compelling combination of rental income, owner-occupancy flexibility, long-term investment potential, and practical property features. Whether your goal is generating passive income, reducing living expenses through house hacking, building equity, or expanding a real estate portfolio, this Edgewater Park duplex offers a strong opportunity with immediate and future benefits.
With its spacious layout, large lot, onsite parking, separate utilities, reliable tenant income, and recent improvements, this property stands out as a smart and versatile real estate investment in a market where quality multifamily opportunities continue to grow in demand.
Listed on Zillow