Looking for equity partner for 20 unit apartment building

[Jonathan Sowinski]

We are looking for equity partner(s) to cover some part of down payment/closing costs ($150-175k) for a purchase of a small apartment building in Buffalo NY. Offering a preferred return plus equity split (terms based on investment capital provided). Forced appreciation value opportunity in 3 vacant retail commercial units.

$650,000.00

20 Residential Units (14 - 1br & 6 - 2br) plus 3 Retail Commercial Units (vacant some repair required)

Solid rental market, walking distance to VA Hospital and University at Buffalo South Campus.

Currently drafting contract, due diligence to begin next week.

Without commercial units Cap Rate	10%
Return on Equity	16%
Cash on Cash	9%

With commercial units Cap Rate	13%
Return on Equity	35%
Cash on Cash	19%

Financing lined up at 75-80% of ARV (will include some repair and reserve capital) / 4.85-5% interest rate/ 20yr amortization with 10 or 15 yr call

Below income/expense still to be verified.