How would you price this sale?

[Jay Weiss]

I am looking at this property in one of the major cities in the Southeast. Seller and I have not yet discussed price.

4 plex 2bed/1 bath, 830 sq ft each. Total of 4,000 sq ft in the building.

Charming older building freshly modernized and renovated. Quartz countertops, new stainless steel appliances. Heart pine floors, tall ceilings, tall windows, large moldings, new subway tile bath/shower, new heating and air.

Gross rents $75,000 annually. Taxes $7,000. Insurance $6,000. Maintenance and repairs $4000.

Neighborhood is large older SFRs, with only a few apartment properties.

Property values have increased an average 7% per year for the last eight years. The future looks very good. SFHs are selling for $300 - 350 sq ft.

There are no other rental properties on the market at this time. It is very rare for rental buildings to be sold publicly. I have signed a non-disclosure agreement with the seller.

What is your $ number?