SALE - 26 units (SFR/Dup) - Jacksonville, NC wtih Assumable Debt

[Kevin Yoo]

26 Properties (36 units) in Jacksonville, North Carolina:

1) 20 Properties (6 Duplexes + 14 SFR = 26 units) are financed with assumable loans (30-yr @ 6.5975% & 6.445% w/ maturity dates 8/8/2025 & 5/8/2026 + 1 year buffer until loan needs to be repaid).

- The loan is assumable and the new buyer would have to pass lender underwriting.

- Timeline 6-12 weeks for assumption per loan servicer.

- This loan has other non-NC assets currently, but we are actively selling off or can be settled at closing, this will reduce principal balance ~$57k.

- XIRR ~14% for the 20 assumable properties

6 LP Properties

2) 4 Duplexes are not assumable - will need to be purchased cash/refinanced ($121k/each)

3) 2 SFR are not assumable - will need to be purchased cash/refinanced ($105k/each)

Financials:

- $536k for 20 assumable debt properties based on 8 CAP. We will pay lender fees to transfer loan. Saves buyer min $30k finance fees. Split closing costs.

Fees will be paid by seller, but EMD to be non-refundable if either:

  1)The Assumption is approved, but the buyers do not execute the contract

  2) Buyer does not meet lender requirements (review LoanAssumption tab)

- 6 LP Properties - $694k all cash or ~$205k (30% financed) for remaining 6.

- Fully performing portfolio generates ~$43k-56k/yr in cash flow (using 15% repairs/vacancy)

- In 7 years (loan maturity) equity ~$1.1M based on current ARVs

- Can sell 20 alone or all 26 properties

Please let us know if you would like to or know someone that would like to acquire these assets, either all 26 or just the 20 with assumable loans.

We will not carry the debt. Cash sale or assumption of loan only.

Link to Google Drive - 

Contact Vil at [email protected] if interested. Do not reply to this ad.