40 Unit Opportunity

[Omid Aghazadeh]

Hi, would like to get your feedback on what you think about this opportunity. 
Maybe we can collectively come up with different solutions of strategy and evaluation. 

Here it is:

Apartment Building
40 Units
3 Stories
Built in1969
8 x 1 Bedroom (Median $625/each)
24 x 2 Bedroom (Median $800/each)
8 x 3 Bedroom (Median $1020/each)

Four-building, low-rise apartment complex located in the largest suburb of Missouri. The four buildings have brick exteriors and mansard-style roofs. It has 8 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units, all of which are separately metered for electric. On site parking consists of 65 total spaces that is available to all residents. Laundry facilities are located onsite in the basement. There are 17 units currently being occupied through HAP support, which also have their utilities paid for by the landlord. This property has newer roofs and siding on all 4 buildings that was completed within the last few years. In addition to the roofs and siding, new landscaping and parking lot repairs were also made within the last 12 months. Located in an outstanding submarket with a high level of demand in affordable housing, this property should maintain a high occupancy rate in the future to come. The property also has significant value add upside through rent increases and operational/management expense reductions to further boost the NOI.

Occupancy Rate: 90-95%

Cent Air: Yes
Heating: Central Electric, Forced Air Electric
Cooling: Central Electric
Water: City/Public
Sewer: City/Public
Utilities: Ind Heat And Air, Separate Meters

Total Tax 2021: $11,200

Let me know what you think :).

[Thomas Corley]

@Omid Aghazadeh

Looks like a cash cow! Put an offer in!