Property Description:
4 Unit Multifamily - Great Cash Flow $35,900/yr, NOI 56%, and CoC Returns 14.7+%!
Operating Cap Rate 8%.
Unit w/slightly higher market rental rate due to nonprofit /section 8 funding
BUT even if rents were at market rate, STILL solid returns
*And this is either a long-term hold or exit in 4 to 5 years with a generous ROI.
4-unit building with 6 beds / 4 baths / Approx. ttl. s.f. 3360 / Built in 1954
Solid and stable renter base:
3 Units are guaranteed rent from a nonprofit and Section 8.
1 renter is a vet (disability and subsidies)
Rents are: $600 / $800 / $1100 / $850
100% occupied.
Features: New roof in 2018, new windows in unit 3 in 2018, other units had replacement vinyl windows. Each unit has a heating unit, tenant responsible for heat and cooling except apt 3.
Recent inspection conducted in July 2020. All items on list were fixed.
Owner wanted much HIGHER figure than the price relative to what is being offered to you at $260,000.
Requirements:
$5000 non-refundable deposit (deposited with American Homeland Title Company). Refundable if inspection not to satisfaction but must be completed within 7 days.
Close quickly (20 days). Financing in place or cash only.
Buyer pays all closing costs (except any prior taxes of course)
Property to be sold AS-IS (All issues identified in the inspection report from the last contract have been fixed.) Prior investor financing fell through – that is the only reason this didn’t move forward.
Email or call me for detailed financials.