17 Unit Value-Add Apartment Need $150,000 12%Preferred+30% Equity
I have an accepted contract on a 17 unit apartment building in Cleveland, Ohio. I have bank funding in place for $319,000. I am looking to raise $150,000. 12% preferred return and a 30% equity share in building. 18 month project. I also have 4 free and clear properties that you can place a lien on if you want to.
Out of State Owner ran out of money. Mechanical and roof updated.
6 units already rented
6 units 90% completed
5 units need complete remodel
Average Rent $550 Low at $525 with high to $625.
4 months to stabilize 6 units
8 months to stabilize the final 5 units
18 months to refinance through Local Bank (3 local bank relationship)
All in at $470,000-Building will be valued at $700,000 plus
Buy building at $349,000 Rehab/Cost $120,000
Proven company with multiply examples of completed rehabbed rentals/units. I control all aspects including construction, marketing, renting, etc.
More information to be provided to anyone interested