Price:$1,677,777No. Units:86Building Size:62,238 SFPrice/Unit:$19,509.03Property Type:MultifamilyProperty Sub-type:Garden/Low-RiseProperty Use Type:InvestmentOccupancy:94%Year Built:1972Lot Size:96,110 SFFind Out More...
Last Verified 11/16/2009
Listing ID 16313437
Description
Multifamily Quick Sell Opportunity! Seller financng available. Priced to sell NOW - 64 units at xxxx with 10.7% cap rate which are approx 94% occupied and 22 units at xxxx which are 100% vacant. Can sell together or separately. Professionally managed on-site. Class C with brick exterior. Master metered - All utility bills paid by landlord. Central on-site Laundry.
Blocks from corner of 610 Loop North and US 59 northeast.
Year 2008 Actual Profit & Loss Statement
Jan. Feb. March April May June July August Sept. October
GROSS RENTAL INCOME: $23,738 $23,593 $23,957 $23,834 $23,990 $24,655 $25,580 $26,625 $27,065 $28,355 $28,575 $28,890 $308,857
less delinquents: 1573 1277 1620 1284 1625 1560 1260 1390 630 1023 1126 735 15103
NET RENTAL INCOME: 22165 22316 22337 22550 22365 22610 24320 25235 26435 27332 27449 28155 293754
Other Income: 462 689 498 451 945 985 750 980 1585 1238 1428 874 10885
TOTAL NET INCOME: $22,627 $23,005 $22,834 $23,001 $23,310 $24,080 $25,070 $26,215 $28,020 $28,570 $28,877 $29,029 $304,639
EXPENSES
Advertising: 125 100 140 99 100 $125 $125 125 125 125 100 100 $1,389
Exterminating: 80 0 0 0 80 80 80 80 80 80 80 80 720
Insurance: 975 975 975 975 975 975 975 975 760 760 760 760 10480
213 176 125 167 213 524 489 315 285 310 256 452 3525
Payroll: 3100 2950 3210 3100 2450 2540 2360 2390 2410 2535 2360 2360 31765
Repairs/Maintenance: 620 513 475 503 1366 1873 1569 1537 1427 956 857 756 12452
Office Supplies: 189 214 310 152 189 210 151 130 176 143 85 56 2005
Property Taxes: 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 24000
Telephone: 340 355 284 352 281 319 280 248 287 303 257 282 3588
Trash pickup: 560 560 560 560 480 480 480 480 480 480 480 480 6080
Electric: 1180 1423 1211 1295 1102 1251 1429 1494 1284 1352 1312 1296 15629
Water/Sewer: 2341 2198 2236 2119 2193 2480 2950 2969 2755 2459 2527 2591 29818
Landscaping: 0 0 150 0 0 100 100 110 100 100 100 100 860
Legal Services: 0 125 0 112 112 125 0 155 224 0 0 0 853
Miscellaneous: 318 623 356 389 426 538 659 581 448 412 538 215 5503
TOTAL EXPENSES: $12,041 $12,212 $12,032 $11,823 $11,967 $13,620 $13,647 $13,589 $12,840 $12,015 $11,712 $11,528 $149,026
NET RENTAL INCOME: $10,586 $10,793 $10,802 $11,178 $11,343 $10,460 $11,423 $12,626 $15,180 $$16,55459,488$17,165 $17,501 $155,613
# Occupied Units: 72 73 74 76 76 77 77 78 78 80 80 80
Total # of Units: 85 85 85 85 85 85 85 85 85 85 85 85
Occupancy Rate: 85.00% 86.00% 87.00% 89.00% 89.00% 91% 91% 92% 92% 94.00% 94.00% 94.00%