Updated about 7 years ago on . Most recent reply
16 units with electric Radiant ceiling heat
Looking into a 16 units property to purchase. It is in a B- location. The rent is 590/month average (60/month below market rent). The property was built in 1969. The property have window AC units and Radiant ceiling heat.
The owner pays for electricity for Radiant ceiling heat which adds to about 18K/year.
What is the cost of replacing Radiant ceiling heat? Should I replace or keep and bill back the tenants?
My calculated the NOI at $46.9K. Asking price $740K
Thanks for the feedback