Business Summary:
Investor's Special! 31 Unit Multi-Family Apartment Complex On 1.2 Acres For Sale For Just $500,000! That is only $16,120 per unit! The original purchase price in July, 2005 was a staggering $1,120,000! This apartment complex built in 1965 is not currently occupied & it does need renovation. It has recently been tented & it is now sealed up to keep out unwanted visitors! It is a solid concrete block construction with a good roof, Each unit needs new appliances, outside painting, interior painting with some dry wall replacement, some plumbing & electrical work. Based on a stabilized cap rate of 8.5%, the future value of this property may be more than $1,000,000! This property will not last long!. Once the renovation have been made, low rents will equal happy tenants & a quick fill up in the occupancy. VERY IMPORTANT: THE CITY WHERE THIS PROPERTY IS LOCATED IS WILLING TO HELP! The City where this property is located is willing to help! Projected Potential Gross Income:$148,800 ($400/month/unit) Less Vacancy @ 15% (Market) $ 22,320, Effective Gross Income-$126,480, Less Estimated Operating Expenses: Real Estate Taxes-$ 14,756, Property Insurance-$ 10,956,Repairs- Maintenance-$ 7,115,Utilities- $ 7,115, Off Site Management-$ 7,115, Miscellaneous-$ 2.846,Total Expenses-$ 49,901, Net Operating Income @ 85%-$92,389. Please call now for more details.
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