8 apartments and 4 manufactured units on this property. Current owner has management on site and is willing to remain in place with new ownership group. On site management collects rents, deposits into account of your choice, and performs maintenance on the property as well ($10/hour). FULLY OCCUPIED - All units are filled and there is waiting list. Tenants are mostly fixed income and very faithfully pay. Rents are an average of $425/mo with some new leases at $500 mark. Current ownership has not implemented rent increases throughout the complex, yet has prepared the tenants for the inevitable increase .... increased CAP without renovation possible. Not super beautiful ... just makes money. PLEASE SCHEDULE APPOINTMENT TO VIEW.
Wholesale price: $200k
CAP calculation:
12 (units) x $425 (average rent) = $5100
$5100 x 12 months = $61,200 gross income/year
$61200/$200000 = 30.6%
Close of escrow on or before 7/29/2016. First signed contract and $2500 non-refundable deposit to title wins. Buyer pays all closing costs.
See below for fun disclaimers:
Fun Disclaimers:
All Prices based on cash sale with $2500 non-refundable deposit to secure property.
IMPORTANT INFORMATION
- All properties offered are either owned or are under contract and selling equitable interest or offered in conjunction with business associate.
- One of managing members is a licensed Real Estate Agent in the state of Arizona.
- If estimated values are provided, they are based on interpretation of MLS and Tax Data.
- Hard Money Available on most transactions at range of 14-18% with 20-30% down and transaction fee.
- Price is net to seller and Buyer pays all closing cost
- Buyer agrees to double close of escrow
Investors/buyers
are encouraged to conduct their own due diligence. The members of the
selling entity are not tax or financial advisers. You should consult
with a certified financial and/or tax adviser on any investment you are
considering. Buyer pays all closing costs.
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