So. Fla. Deal

[Mario J Perez]

I’d like to get an opinion on a 22 unit apt. building I’m being offered.

Location: Pompano Beach, FL
Asking Price: $1,490.000.00
Down Payment: $400,000.00
Owner will finance $1,090.000.00 at 6% interest only

Units Bedrooms Rent
20 2-1 $800-$850
2 1-1 $650

YEARLY RENT: $219,600

EXPENSES:
Taxes: $26,412
Insurance: $4,626
Electric: $660
Utilities: $8,411
Garbage: $3827
Repairs: $6,000
TOTAL: $49,936

NOI: $169,664
CAP RATE: 11%