Getting ready to sell-7 unit building, C-Class, NC West Virginia 600K

[Jodi Marsh]

Hello I am getting ready to sell a C-class, 7 unit building in Fairmont, West Virginia, near FSU and near Morgantown, WV, asking 600K, gross rents when fully occupied are:

Unit 1-efficiency $695

Unit 2-1 br $795

Unit 3- efficiency $750

Unit 4-1 br $795

Unit 5-3 br 1 ba $1100

Unit 6- 3 br 1 ba $1200 plus electric fee $162.50

Unit 7-2 br 1 ba $1095 plus electric fee $162.50

($6,710)

We pay utilities and charge a $50 A/C fee when using a widow unit to all units except 6 & 7. We have nearly fully renovated the whole building (still finishing up). New roof, each unit renovated and upgrades to the whole building. We have worked closely with code enforcement, and everything is completely compliant. Decent neighborhood with lower middle class tenants, some low income. We have mostly younger working singles and families right now. We have not had any vacancy issues/problems getting tenants and screen heavily for eviction history, criminal background, profound credit issues. We try and price competitively. We do not do HUD currently.

Utilites include electric, gas, water/sewer, trash and pest control. Heating is a mix of gas furnace and electric heat.

Pest control= $80/month

Trash $127/mnth

Water/sewer aprox. $400/mnth

Electric avg approx. $597

Note the utilities are based on this past year and we have made many upgrades so should be less moving forward. Its is not practical to separately meter (for electric) the 1 brs and efficiencies but the 2 br and 3 brs could be. It is not practical to separately meter the gas or water sewer. We also had an extremely unusual/unseasonable winter and gave several units portable electric heaters to supplement as we were still in the middle of upgrades.

Taxes are about $1700/yr

We (partnership) have decided we want to sell and move our capital to other projects we each have going independently. We will be starting for sale by owner in state and out of state. Willing to stay on a period to help with property management for non-local buyers. Extremely landlord friendly state. Takes only 10 days with no waiting period to evict with late rent.

Its a decent area and a solid investment. The area is investor friendly, affordable with positive growth trends. Its an older building but we have really done so much to it. The certificates of occupancy are good for 2 years. Most units have new appliances, new plumbing etc. Lots of pics available. We can do some video tours for interested buyers.

Message me if you want to know more thanks!