Real Estate Broker · Milwaukee, WI · Member since 2014 · 338 posts · 129 votes
First off I want to say that I do not own these properties. I'm a realtor looking for a buyer on this off market deal in Greenfield WI, near Milwaukee.
This deal is made up of 4 duplexes next to each other. Below is an overview of the investment. For more specific information or questions please ask, or message me.
Property Highlights:
-100% occupied
-Passive Investment, Tenants responsible for all utilities plus lawn care and snow removal
- Large units ~$1600 SF
- Attached garages (one car garage per unit)
-Located in family-friendly neighborhood with good mix of owner occupied & rentals
-2015 NOI of $75,107 (from seller)
Total Units: 8
Unit Mix: 3bed/2.5 bath: 8 units
Lease Rates: $1,200-$1,300
Year Built: 1991
*I'm looking to represent you as a buyer. The deal was passed to me by the agent with the pocket listing. Will sign a buyer agency agreement, so you know my fiduciary responsibility is to you and not the seller. The listing number that was given to me is $890,000.
At the sellers asking price, COC looks to be around 12.5% and Cap rate of 8%. Have a rental calculator sheet and will forward if interested.
Thanks,
Sam
keywords: Wisconsin, Milwaukee, Chicago, Greenfield, Off Market, Duplex, Muti
@Sam, thanks for sharing. Why can't you post the numbers here for us to see? Most profomas from sellers are almost never true. Just show us numbers that show 12.5% COC return. I will be in milwaukee next week and will be looking at 4-plexes in C + areas with 16-20% COC
Don't have a pro-forma, best I could do is probably get property taxes numbers. As you stated they are almost never accurate anyway and experienced investors use there own expense numbers based on their experiences.
Also 20% COC in a C+ area...my only response to that is buy them all!
also COC and cap rate is based on me running the standard 10% maintenance, etc in the BP calc. Don't have a way to upload that (at least that I can figure out). Happy to email or share with any member.