Updated almost 12 years ago on . Most recent reply
Thoughts on this 7 unit building.
I'm in the process of negotiations on my first commercial residential property. The details...
3 story older building. 1st and 3rd floors are large 2 beds. 2nd floor has 4 studios (1 has no kitchen). Basement has a studio apartment but no kitchen yet. A++ location (steps away from downtown and Lake Michigan). New water heater, roof, furnace, commercial hard wired fire alarm system, and from the looks of it electric has been updated within 10 years.
Bank has come up with financing of 15% down at 20 yrs amortization 5.5% purchase price of 76,000.
I'm ready to jump on this deal but thought I would post here to make sure I'm not missing anything. Comments? Ideas?