32-UNIT APARMENT COMPLEX FOR SALE (CASH BUYER NEEDED)
Hi BP Family,
I have a 32-Unit Apartment Complex in Moss Point, Mississippi under contract. The funding for this property fell through last minute and I am searching for a person to help finance the deal to be a 50/50 partner. The contract with the owner states the closing date is on Monday 03/05/2018.
Property Specifics:
Purchase Price: $616,272.42
Current Promissory Note balance: $291,272.42 ( 6% with no balloon payment, monthly interest and principle payment is $ 3,419.43)
Current Gross Monthly Income: $7400.00
Current Monthly Expenses: $1941.00
Current Monthly Net Income: $5549.00
Currently 60% occupied
All vacant units just need cosmetic repairs to be market ready
Manager/Handyman and Bookkeeper lives on-site (compensation is a free unit)
Estimated Vacant Unit Rehab Costs: $20K - $30K
Property Potential:
Raise all rents to market rate ($500.00)
$500.00 x 32 units = $16,000.00 - $1941.00 = $14,059.00
Potential Monthly Net Income: $14,059.00
Terms and Conditions of the contract:
- Property is under contract to close on 03/05/2018
- Seller will receive $325,000 in certified funds
- Seller will receive $265,000 at closing (03/05/2018)
- Seller will receive the remaining $60,000 6 months after closing date
- Seller agrees to pay for 6 more monthly note payments to the Buyer ($3,419.43/mo)
- Seller will be released full title rights of the property
- Buyer will receive full title rights of the property
- Buyer will take over the monthly note payments 6 months after the closing date
Location:
- Located near major cities and the gulf coast, apartments are in HUGE demand !
New Apartment complex was just built within 5 years and is located across the street of the property
- Market Rents are $ 500 for every 1 bedroom apartment in the area
- Water can also be separately metered, there are shutoffs for every apartment
- 2 acres property has room to build a laundromat or other service amenity there
- 4 Single Story Buildings with no stairs to climb. Long Term Social Security Tenants Reside here
Let me know if you are interested. This is a homerun deal that you don't want to miss out. This is my first apartment complex under contract and since I am still brand new in real estate investing, I don't have funding to put down. I know my experience as a Property Manager and an experienced investor like you will bring this property to it's full potential.
Thank you for your time. I am looking forward to doing business with you.