OFF MARKET CLASS B... 14% CoC Return

[Jason Lewis]

Here's the breakdown:

Purchase Price: $7.4M includes assignment fee

Address: 281 Bickford Ave Memphis, TN 38107 & 2449 Ruby Oaks Dr Memphis, TN 38106 = two buildings, 12 mins away from each other!

Property Type: 107 units

Building Configuration: 281 Bickford Ave - 100% occupied

2/2 beds - 13 units / avg sf 1,070

3/2 beds- 34 units / avg sf 1,165

Monthly income is $ $45,198 Class B Built in 2009 - *sellers built both buildings!

Building Configuration: 2449 Ruby Oaks Dr - 96.67% occupied

2/1 beds - 18 units / avg sf 947

2/2 beds- 12 units / avg sf 9473/2 beds - 30 units / avg sf 1,154

Monthly income is $ $52,866 Class B Built in 2009

Sellers are older in age and ready to downsize and focus on other ventures. There is limited room to increase rents due to these being LITHC buildings. The projects are under a 30 year Land Use Restrictive Covenant and have a 15 year compliance period which ends December 2024. The project can exercise an option to become a market rate project if requested from the Tennessee Housing

Development Agency effective January 1, 2028.

Both buildings have not been updated but they have been properly managed. For both buildings every unit comes with a stove, fridge, w/d full size, and central ac.

Every tenant pays electric and the owners pay for the house meter and cold water.

Financials will be sent once the NDA is signed.

Buyers will be vetted