Updated over 18 years ago on . Most recent reply
8-Unit Apartment Analysis
Asking: $298000
Previous Asking: $340000
6 of 8 units leased out.
New roof, plumbing, electrical....
Certified Appraisal @ $410,000
STUDIO TYPE APTS WITH SEPERATE EAT IN KITCHEN
Unit 1 Avg. Mo. Rent: $575
Unit 2 Avg. Mo. Rent: $525
Unit 3 Avg. Mo. Rent: $425
Unit 5 Avg. Mo. Rent: $525
Unit 6-7 Avg. Mo. Rent: $525
Unit 8: Undisclosed
TOTAL MO. INCOME ($4300)x 12=
GROSS POTENTIAL INCOME $51,600 ( 1st Year)
Less 5% Vacancy - 2,580
Effective Gross Income $49,020
Less Expenses @ 25% -12,255
Taxes: $800
Ins: $3,500
Maint: $2,000
Elec: $1,000
Water: $1,500
Mgmt: $1,200
N.O.I $36,765
( if fully occupied )
Some seller financing....
Area is close to downtown area.
Minutes from local college/attractions.
Lots of vacant land in area.
several for rent signs in neighborhood.
What do you think?