Idaho Multi-Family Income Property! Owner Will Finance!

[Jeff Rappaport]

Great 24 Unit Apartment Building in Pocatello, ID! You won't believe the price and Owner Financing Available!
Huge upside! Great cash flow! Cap rate could be 11-12%!

We are in possession of an Assignable contract and plan on assigning it to an end buyer! We are marketing the purchase and sale agreement on this property.

Pocatello rental market is still very strong with a high demand for rentals. The lower income units are fairly easy to rent. This property is already approved for Section 8 tenants.

723 W. Lewis Pocatello, ID 83204
Close to the University and downtown
24 units - 11 studio, 12 one bedroom and 1 2 bedroom units
Approximately 10,000 sq ft
Built in 1940
Taxes $3,492
Separate meters - Tenants pay heat and power
Owner pays water, sewer, garbage, snow removal, landscaping and common area maintenance.
17 Units occupied - 7 vacant
Community washer/dryer - small additional income
Repairs - Needs a new roof; some foundation work (cheaper and easier than you think); cosmetics; chipping stucco on the exterior.  Units are small so the cosmetic work will be cheap.  Most units have new carpet, paint and appliances.

Current income:  over $5,200
Pro-forma income:  over $7,400 with occupying vacant units.

Value play - Increase rents by $30 per unit - rents will still be the lowest in the area! Will put the gross income to over $8,000 per month or $96,000 per year. Will increase the value of the building to $650K+!  Use 45% of gross income for expenses and you are still left with $52,800 net income.

Terms:

Purchase price - $425,000

Down payment - $325,000 can borrow this money against the property in 1st position.  You may be able to borrow the entire amount!

Seller will carry the $100,000 for 2.5 years with no payments or interest.

For more information contact Jeff at [email protected] or at 801-209-2945.