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Updated over 8 years ago on . Most recent reply

User Stats

218
Posts
27
Votes
Paul Fagot
  • Wholesaler
  • Redding, CA
27
Votes |
218
Posts

1st floor commercial 2nd and 3rd floor residents?

Paul Fagot
  • Wholesaler
  • Redding, CA
Posted
I Have a deal in Pennsylvania and it can be a full 20 unit apartment building or you can turn the 1st floor into a small shop or business. How should I advertise this property as?

Most Popular Reply

User Stats

218
Posts
27
Votes
Paul Fagot
  • Wholesaler
  • Redding, CA
27
Votes |
218
Posts
Paul Fagot
  • Wholesaler
  • Redding, CA
Replied

Jake Hottenrott Kyle Zarnoff Dave Lin

Neighborhood: C+/B-

Square Footage: 15,000 + 5,000 in basement

Lot Size: 88x60

Zoning: Commercial Residential

Asking Price: $285,000

ARV: $850-950k

Repairs (High Note): $250-300k Contractor Estimates to Support.

Annual Rental Income: $153,600

16 - 1 bedroom ($650/mo)

4 - 2 bedroom ($800/mo)

28%+/- cap rate

$14,000 annual operating expenses

Annual Breakdown:

$12,000 Occupied Sewer
$6,000 Vacant Sewer
$3,000 Taxes
15% Management Fees
Repairs Needed:

Insulation
Flooring
Paint
Minor Roof Work
Plumbing
Electric
9 units need work (cosmetics paint, plumbing, electric, cleaning) 11 units are completely gutted and will need to be completely rebuilt from scratch. Building is vacant. Each unit has its own electric and water meter.

Also have the number to the old property manager who says the old owner was making good amount of money on the property, he also can back up the numbers on rent and everything.
It can also be section 8 tenants to where every room would be getting payed for on time.

In Town:

Wise Supermarket, Post Office, FedEx, UPS, 24 Hour Gas Station, Hardware Store, OIP Italian Restaurant, Dollar General, Wendy's, Shamokin High School

Nearby Cities:

Scranton, Harrisburg, Williamsport, Bloomsburg, Reading, Sunbury, Elysburg

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