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Updated over 7 years ago on . Most recent reply

User Stats

19
Posts
17
Votes
Kristopher Allen
  • Washington, DC
17
Votes |
19
Posts

8-unit multi-family property for 680K, good deal?

Kristopher Allen
  • Washington, DC
Posted

Hi all, 

Just perusing online and stumbled on a 8-unit property. Is this a great deal? What's the best way to finance this? I probably won't qualify for a investment property 30-yr mortgage since I don't have 20-25% to put down. It's currently listed at 680K.

8 Unit (7 leased at 7.18% cap rate, up to 8.4% Cap as 1 unit is owner-occupied). The property is listed under the National Register of Historic Places-eligible for a Historic Property Tax Credit). Only by appointment, LA must accompanied. Priced to sell-below assessment

I'm trying to get more details from my agent but they added this bit on the listing: 

    Multi-Family Features
  • Vacancy Factor (%): 88.0
  • # of 1 Bedroom Units: 6
  • 1 Bedroom Rent: $850
  • # of 2 Bedroom Units: 2
  • 2 Bedroom Rent: $960
  • Lease Terms Mixed, Month-to-Month Lease(s), Vacant, 6 Month Lease(s)
    Multi-Family Financial Information
  • Gross Income: $82,200
  • Monthly Gross Rent: $6,850
  • Expenses: $19,000

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