Hello, I am a fairly new investor but have been actively looking for another deal. I have come across an 8 unit apartment complex for sale in the neighborhood in Tampa, FL that I currently have my only investment property in. I know this neighborhood very well and know that the rent the current owner has the tenants at is under market rent. The current owner has put the property on the market for $920k and the property is 8 1 bed 1 bath units at 800 sq ft. The rent the current tenants are at is 5 units at $750 and 3 units at $800 bringing the overall rental income to $6150. The current market rent is about $1000 and some smaller units are being rented for $1050 bringing the potential market rent to about $8k. This has a gated parking lot with two spaces in each unit.
According to the listing agent, the current owner would like to sell this property to purchase a larger apartment complex. I have other stock investments that I could liquidate to get close to 10% down but would like advise on other methods of financing if anyone has suggestions! Also how would you go about valuing the property? I have seen places that value commercial properties based on the rent, is there a way to value it similar to single family and small multi family?
