TITUSVILLE, FL Multifamily

[Jonathan Ramos]

My business partner and I are looking to partner up with someone to help purchase a property we will be the boots on the ground for this and we will be willing to mange the property as well.  With the revamping of the space program I believe the time is now to get into Brevard County real estate. The asking price for the property is $419k  which is $41,900 a door. 

INVESTMENT OVERVIEW YEAR 1 

Price $419,000 Price per Unit $41,900 

GRM 6.2

CAP Rate 7.8%

Cash-on-Cash Return (yr 1) 8.21 %

Total Return (yr 1) $18,518

Debt Coverage Ratio 1.36 

OPERATING DATA YEAR 1 Gross Scheduled Income $68,064 

Other Income - Total Scheduled Income $68,064 

Vacancy Cost $10,210 

Gross Income $57,854 

Operating Expenses $25,397 

Net Operating Income $32,457 

Pre-Tax Cash Flow $8,600 

FINANCING DATA YEAR 1

Down Payment $104,750 

Loan Amount $314,250

Interest Rate 4.5% 

Amortization Period 20 yrs 

Debt Service $23,857 

Debt Service Monthly $1,988 

Principal Reduction (yr 1) $9,918

INCOME SUMMARY YEAR 

1 PER UNIT TOTAL SCHEDULED 

INCOME $68,064  Per Unit $6,806 

VACANCY $10,210 Per Unit$1,021 

GROSS INCOME $57,854  Per Unit $5,785.00 

EXPENSE SUMMARY YEAR 1 PER UNIT 

Real Estate Taxes $5,353  Per Unit $535 

Insurance $5,377  Per Unit $537 

Lawn Maintenance $1,200 Per Unit $120 

Legal Fees $1,322 Per Unit $132 

Management Fees $4,776 Per Unit $477 

Repairs & Maintenance $4,608 Per Unit $460 

Utilities 2,761 Per Unit $276 

GROSS EXPENSES $25,397 Per Unit $2,539 

NET OPERATING INCOME $32,457 Per Unit $3,245 

OPERATING EXPENSE RATIO 44% Per Unit 44%

UNIT TYPE     COUNT %       TOTAL SIZE (SF)   RENT            RENT/SF 

1 Bed 1 Bath 10        100.0    650                         $600             $0.92 

Totals / Averages 

                      10        100%    6,500                      $6,000          $0.92