Deal or No Deal....
So I came across a commercial MF property in Midtown/Tobin Hill area in San Antonio, TX. I called an investor form Austin for advice who I met in passing and he wanted to me to send him the figures and also the address. Well, my spidey sense went off and I began to suspect he wanted all that info to possibly swipe this potential deal from me. I don't have it under contract. (Mama didn't raise any fools hahaha). So I turn to my illustrious BP community. I haven't verified any of this information so I suspect that I'll uncover some hidden truths but here it is:
- Asking Price - $800,000
- Gross Income: $112,000
- NOI: $96,000 (I know it seems high, I'll verify this for sure)
- 12 Cap
- Owner manages property himself
- 16 units each 450 sq/ft, all 1 bed 1 baths w/central A/C
- 100% occupancy (maybe an indication of rents being too low)
- No washer/dryer in units, has community washer dryer (Generates $125-$150/mo in revenue)
- Each unit rents for $575. May be able to bump rents up another $50. Remodeled 1 Bed/ba apartments at 550 sq/ft are going for $700 in that immediate area
- It's right by San Antonio College