Need some analyzing a deal - First Deals, want to make sure I am thinking correctly
21 Unit Apartment Building
- Location: Syracuse NY
- Asking Price $1.3M
20% down for me (I used a 7% rate)
- NOI & Cap Rate: $167,623, 12.8%
- Built 1978
- 95% occupied
- 15 x 1 bedrooms, 4 x efficiency, 2 x 2 bedrooms
- The seller has offered to still manage it for a buyer as well if interested He offers this at 10%
- All units have separate electric and gas, water is a flat fee
- New water heaters, newer roof and mechanicals in good condition - No MAJOR Cap Ex,
Value - Add - Could possible drive another 100.00 per door.
- Located close to retail, restaurants and major employers as well as Upstate Medical University, Syracuse University and the US Army Res Center
- Some tenants have been in place for over 35 years without major rent increases
Please note projected is their Pro-forma, not mine