| Type: | Multifamily
Garden/Low-Rise |
| No. Units: | 11 |
| Building Size: | 16,368 SF |
| Lot Size: | 13,317 SF |
| Price: | $3,999,000 |
| Price/Unit: | $363,545 |
| Cap Rate: | 5.30% |
| Year Built: | 1981 |
Property Description:Completely Remodeled to Condo quality. Property has White Slips. Was purchased to be converted to condos but the market fell. Is currently being rented back up as apartments. Built in 1981 and NOT subject to rent control. Excellent unit mix of all 2's and 3's, with 7 units being multi-level town homes. All units have brand new W/D's and 2 parking spaces. 5.3% CAP against projected rental income. Low maintenance property since everything has been rehabbed, including new windows.
| Financial Summary | Proforma |
| Year: | 2008 | | Scheduled Gross Income: | $308,400 | | Operating Expenses: | $87,508 | | Net Operating Income: | $211,640 | | Pre-Tax Cash Flow: | $62,877 | |
Unit Mix Information
| 2+2 |
No. Units: 3
|
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| 2+2 TH |
No. Units: 2
|
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| 2+2.5 TH |
No. Units: 5
|
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| 3+4 TH |
| No. Units: 1 |
Debt & Equity Information
| Debt Type: | Proposed |
| Loan Amount: | $2,480,000 |
| Interest Rate: | 6.00% |
| Amortized Over: | 30 |
| Due In: | 5 |
| Annual Debt Service: | $149,000 |
| Down Payment: | $1,520,000 |
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| Loan Description: |
| Buyer to obtain new 1st TD. Contact your lender for a current quote. |
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