33 Unit Commercial Residential Apt & adjacent lot near University
1200 S. Mulberry, Muncie, IN 47302 Mulberry Apartments & adjacent lot included
Close to University, Ivy Tech and downtown. According to BPO Property is located in transitional residential area bordered by older buildings to the west.33 (MLS state 29 units but BPO states 33) Unit Commercial Residential with Three, 1 story Brick units that vary with 1 & 2 bedrooms units, some have been altered and could be put back to original configuration.Property also includes adjacent undeveloped lot to develop more.
Repairs
Secured with Property Mgt. monitoring.Property has been vacant over 2+ yrs, with minor vandalism. From $$7~$15 per and we are assuming average of $10k per unit, based on contractor that we met with upon inspecting, so we are using $330,000 for repairs to work with until you can get actual local contractor quotes, your estimate my vary greatly.Roof appears to be newer in good shape.
According to BPO pricing ranges from $32.44 to $$36.15 per Sq Ft and from $289,200 to $478,400 not counting in the additional lot that is included.This is based on properties that vary in size that are smaller than subject and range from 8,000 to 14,000 ft.Which could make this range based on sq. ft. from $520,856 to $580,424.With mid of $546,867.
We are using the a number between the mid & high and are adding in the Assessed Value of the land on this property which yields $583,945 plus the Intellectual property included of$13,518we set an ARV at $597,500 2015 Assessed Value $293,900Annual Taxes $7,424
BPO states that there is a shortage of apts. adjacent to downtown that now exists.The inventory for available apartments for sale is very low.It appears that this will drive up values.
This Property also includes the following intellectual docs and work like City Electrical Load Studies already done; valued at over $13,518 (see PDF file for Intellectual Docs & work done). Investors must complete Letter of Intent (see website and give Proof of funds before showing will scheduled)
For more info go to: Property Solutions Resource then click on the Wholesale Deals tab.
*This is a Wholesale Deal that uses an Assignment of Contract Rights to End-Buyer.Contract Holder is a Licensed Broker in the State of Indiana, acting as a Principle in the transaction. Due your own Due Diligence before you make any offer.