Apartments converted to condos
Hello everyone,
If an apartment building has been converted to condos and the HOA ownership is retained by the seller, the buyer of the property (the package of converted units) earns money by raising rents or by parting out the units for sale. If the rents are under market, raising them does not increase the property value because each condo has its own parcel ID-correct? I havent seen any appraisal info or comps from the seller for the individual units. Just trying to figure out if there's an opportunity with this particular property. NOI=131K. CAP=7.5. The gas and water are paid by the HOA. Welcome any comments on how to analyze this property.