Exciting Investment Opportunity
Deal Summary
Located within the Art Museum district, Airbnb guests will be minutes from the popular museums and center city attractions. This being said, this is likely to attract nightly rental rates above $150 night providing investors with north of a 12% annual return.
Property Details
801 N WOODSTOCK St is a multi-family home in PHILADELPHIA, PA 19130. This 2,975 square foot multi-family home sits on a 1,190 square foot lot and features 4 bedrooms and 4.5 bathrooms.
Fantastic corner triplex with parking on a beautiful tree-lined block in the Art Museum! This building offers 3 bi-level units -- two 1 bedrooms and one 2 bedroom with a 2-car garage.
Projection Model
Property | ||||
Address | 801 N Woodstock | |||
Square Feet | 2,975 | |||
Number of Units | 3 | |||
Acquisition | ||||
$/PSF | $/Unit | |||
Purchase Price | $825,000 | $277 | $275,000 | |
Closing Costs | 8.50% | $70,125 | $24 | $23,375 |
Renovations | $25,000 | $8 | $8,333 | |
Reserves | $20,625 | |||
Total Cost | $940,750 | $316 | $313,583 | |
Less: Senior Loan | 75.00% | ($618,750.00) | ||
Equity Needed | $322,000 | $108 | $107,333 | |
Projected Year 1 Cash Flow - Airbnb | ||||
AirBNB | Rental | |||
Gross Potential Rent | $105,600 | $76,800 | ||
Less: Vacancy | ($5,280) | ($6,000) | ||
Effective Gross Income | $100,320 | $70,800 | ||
Less: Operating Expenses | ($10,600) | ($7,000) | ||
Net Operating Income | $89,720 | $63,800 | ||
Less: Debt Service | 5.50% | ($51,076) | ($51,076) | |
Free Cash Flow | $38,644 | $12,724 | ||
Initial Annual Cash on Cash Return | 12.00% | 3.95% | ||
Initial Annual Cash on Cash Return - Investor | $38,644 | $12,724 | ||
Initial Annual Cash on Cash Return - Investor (%) | 12.00% | 3.95% | ||
Rent Roll | ||||
Unit | Type | Annual Rent | ||
AirBNB | Rental | |||
1 | 2 br / 2ba / 2 Gr | $39,600 | $33,600 | |
2 | 1 br / 1 ba | $33,000 | $21,600 | |
3 | 1 br / 1.5 ba | $33,000 | $21,600 | |
Total | $105,600 | $76,800 | ||
AirBnb Revenue Assumptions on 2 Br / Ba / 2 Gr | ||||
Low | High | |||
Average price per night | $140 | 140 | ||
Average monthly occupancy | 65% | 90% | ||
Average monthly revenue | $2,730 | $3,780 | ||
Average annual revenue | $32,760 | $45,360 | ||
High- Level Budget | Furnishing | |||
Furnishing | $25,000 | Décor | $3,000 | |
$25,000 | Bedroom(s) | $8,000 | ||
Bathroom(s) | $3,000 | |||
Living Room | $7,000 | |||
Other Rooms | $4,000 | |||
Subtotal | $25,000 |
Nightly | Monthly | Annually | |||
Average Booking Rate | $400 | $12,000 | $144,000 | ||
Less: Operating Expenses for Airbnb | ($70) | ($2,100) | ($25,200) | ||
Gross Potential Rent | $180 | $17,600 | $211,200 | ||
Prospective Booking Income Per Unit/ Night | |||||
Unit | Type | Sq Ft | Nightly | Monthly | Annually |
1 | 2 br / 2ba / Gr | 1,200 | $150 | $3,300 | $39,600 |
2 | 1 br / 1 ba | 825 | $125 | $2,750 | $33,000 |
3 | 1 br / 1.5 ba | 950 | $125 | $2,750 | $33,000 |
2,975 | $400 | $8,800 | $105,600 |
For Investment terms please contact: [email protected]
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