Skip to content
Classifieds

User Stats

100
Posts
86
Votes
Jonathan Sowinski
  • Investor
  • Buffalo, NY
86
Votes |
100
Posts

Looking for equity partner for 20 unit apartment building

Jonathan Sowinski
  • Investor
  • Buffalo, NY
Posted Mar 18 2015, 12:26

We are looking for equity partner(s) to cover some part of down payment/closing costs ($150-175k) for a purchase of a small apartment building in Buffalo NY. Offering a preferred return plus equity split (terms based on investment capital provided). Forced appreciation value opportunity in 3 vacant retail commercial units.

$650,000.00

20 Residential Units (14 - 1br & 6 - 2br) plus 3 Retail Commercial Units (vacant some repair required)

Solid rental market, walking distance to VA Hospital and University at Buffalo South Campus.

Currently drafting contract, due diligence to begin next week.

Without commercial units Cap Rate 10%
Return on Equity 16%
Cash on Cash 9%
With commercial units Cap Rate 13%
Return on Equity 35%
Cash on Cash 19%

Financing lined up at 75-80% of ARV (will include some repair and reserve capital) / 4.85-5% interest rate/ 20yr amortization with 10 or 15 yr call

Below income/expense still to be verified.

Offering

Loading replies...