| Type: | Multifamily Garden/Low-Rise |
| No. Units: | 55 |
| Building Size: | 40,183 SF |
| Lot Size: | 11,250 SF |
| Occupancy: | 100.00% |
| Price: | $3,950,000 |
| Price/Unit: | $71,818 |
| GRM: | 7.40 |
| Cap Rate: | 6.80% |
| Year Built: | 1926 |
Property Description:
6.8% cash on cash return with existing low rents; 20% with rents at market. Charming 1920's reinforced brick building with controlled access, elevator & many units with upgraded kitchens. Excellent leverage, only 22% down; Assumable loanof $3,090,000 at 6.46% fixed. Only $78,818/unit & $98/Bldg. S.F. Upside in rents, 6.1 x market rents.
Financial Summary Actual
| Year: | 2008 |
| Scheduled Gross Income: | $530,874 |
| Effective Gross Income: | $504,326 |
| Operating Expenses: | $233,963 |
| Net Operating Income: | $270,363 |
| Pre-Tax Cash Flow: | $58,087 |
Debt & Equity Information
| Debt Type: | Existing |
| Loan Amount: | $3,090,000 |
| Interest Rate: | 6.46% |
| Amortized Over: | 28 |
| Due In: | 28 |
| Annual Debt Service: | $212,276 |
| Down Payment: | $860,000 |
| Loan Description: | |
| $3,090,000 (78% LTV) at 6.46% fixed, payable $17,689.63/mo., due Oct. 2036 with WaMu. | |
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