Updated almost 9 years ago on . Most recent reply
Multi-Family in Tampa: How would you value it?
Hey friends!
I'm a new investor (very green), and I'm thinking about putting an offer on the following property. It seems quite "safe", albeit with minimal value add.
1) Any advice how to determine the value of your first offer?
2) I'm NOT in the area, but am very interested. Is an LOI sufficient if I want to stay in the running. I've been advised to go straight for an offer, but I'm not ready for that.
3) The area seems v. promising. Strong schools nearby, 20m to downtown Tampa, However, according to BestPlaces.net, the crime rate is very high. What's the best way to evaluate that further?
Thanks in advance for all the help! I really appreciate it.
The Oaks.
| Price | $725,000 | Cap Rate | 9% |
| No. Units | 12 | Gross Rent Multiplier | 65 |
| Building Size | 14,112 SF | Occupancy | 100% |
| Price/Unit | $60,416.67 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Sub-type | Garden/Low-Rise | Lot Size | 24,564 SF |
| Property Use Type | Investment | APN / Parcel ID | U-06-28-19-ZZZ-000001-26920.0 |
| Commission Split | 2% | Parking Ratio | 3.50 / 1,000 SF |