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15-Unit Building - 94% occupied!
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Property Description |
This Building is definitely a buy and hold because it will continue to keep producing profits for you and your family for many years to come! 4-2bd/1Ba and 11-1Bd/1Ba.
FINANCIALS!
to purchase for $460,000 with the following terms:
A. Down Payment = $30,000
B. Earnest Money Deposit = $2,000
C. Seller Financing on $80,000 @7.5% amortized over 30 years due in ten years. Monthly payment = $ 559.37
D. Assumption of Fannie Mae Loan Balance = $352,043.17(@7.41%) Monthly Payment = $2735.26
E. 30-Day Due Diligence Period beginning, November 18th, 2009
PROPERTY FINANCIAL SUMMARY:
PURCHASE PRICE = $460,000
INCOME = $66,140 ($5511/month)(2009 Estimate based on Jan-Sept. 2009 actuals)
EXPENSES = $9,538.79 (2009 Estimate based on Jan-Sept. actuals)
ANNUAL NOI = $56,601.21
MONTHLY NOI = $4716.77
CAP RATE = 12.30%
Occupancy = 93%
OUT-OF-POCKET ACQUISITION COSTS FOR BUYER(S)
DOWN PAYMENT = $30,000
ASSIGNMENT FEE = $10,000
ASSUMPTION FEE = $10,000 (est.)
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TOTAL = $50,000
MONTHLY DEBT SERVICE = $3,294.63
MONTHLY NET/NET INCOME = $1422.14
ANNUAL NET/NET INCOME = $17,065.65
CASH ON CASH RETURN = 34.13% (i.e. you will make your initial investment back in 2.93 YEARS)
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| Contact person: |
ANNIE PIERCE |
| Seller Type: |
PrivateOwner |
| Phone: |
323-839-1235 |
| Email: |
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| Web Link: |
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| Listing Status: |
For Sale |
| Property Type: |
Apartment Buildings |
| Price($): |
460,000 |
| Street Address: |
425 N. 11th Street |
| City: |
St. Moseph |
| Region: |
Missouri |
| ZIP/Postal Code: |
64501 |
| Bedrooms: |
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| Bathrooms: |
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| Stories: |
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| Square Feet: |
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| Lot Size: |
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| Year Built: |
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| Owner Finance: |
No |
| Cap Rate: |
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| Net Operating Income: |
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| Price Per Square Foot: |
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