Off Market 75 Combined units. Greenville Anderson

[Jonathan Kessler]

Two off market properties in the upstate. This is the same post from yesterday but has been edited because of a mislabeling of the properties. If interested, please contact [email protected]. This is the best way to reach me. We also have an off market cash flow storage facility with rental upside but no additional land. 

Again for financials, questions, property tours or to be added to our email database please email [email protected]

 Greenville, SC

• 43 units all 1bd/1ba, 9 single story buildings built in 2008
• 100% occupied with new rents ranging from $550-575 (depending on turn upgrades)
• Low maintenance, newer product, high rental demand (100% w/ waiting list)
• $1,540,000 assumable Freddie SBL loan, 4.85% interest, 10yr term (first 3yrs I/O) beginning Sept 2016, P&I payments begin November 2019
• Annualized NOI $171,500, I/O debt service $$74,690, P&I debt service $97,517.40
• 7% cap value $2,450,000 ($56,976/unit)

Anderson, SC

32 units all 2bd/1ba, 4 two story buildings built in 2004, 10 garage/ storage units also

Currently 100% pre-leased with waiting list, new rents are $650, lower in place so value add opportunity

Low maintenance all brick construction

$1,275,000 assumable Freddie SBL loan, 4.85% interest, 10yr term (first 3yrs I/O) beginning Sept 2016, P&I payments begin November 2019

Proforma NOI $140,000 (@ $600 average rent), I/O debt service $61,837.50, P&I debt service $80,736.84

$1,750,000 ($54,687.50/unit) Pro-forma* 8% cap

Summary

• Combined $4,200,000 Asking Price with $2,815,000 existing debt to be assumed
• 75 Units, 10 Garage/storage units, 2004 and 2008 construction
• In place NOI +/- $294k (7% cap) Pro-Forma NOI $315k (+/- 7.5% cap)
• 67% LTV at Asking Price, combined I/O $136,528, P&I $178,254 (begins 11/2019)
• 1% assumption fee will be credited to buyer upon successful closing/ loan assumptions

Again for financials, questions, property tours or to be added to our email database please email [email protected]

*South Carolina requires you to be given notice that there is a principal/ owner that is licensed in the state of South Carolina in these ownership entities.