Updated over 3 years ago on .
15 Unit Investment Property Success - Waynesboro, VA
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $1,130,000
Cash invested: $245,000
Contributors:
Michael H. Cook
15 Unit Multifamily Building
-Value Add Opportunity
-14: 2 bed/ 1 bath units
-1: 3 bed/ 1 bath units
-Average Rents: $666/month per unit
-Projected Rents: $795/month
-Purchased at 6.9% CAP Rate
-Market currently trading at 5.75-6% CAP
What made you interested in investing in this type of deal?
We purchase small to mid size multifamily along the I81 Corridor . 15-150 units~
How did you find this deal and how did you negotiate it?
Broker Brought the deal to me off market
How did you finance this deal?
Bank Financing 80% LTV
How did you add value to the deal?
Average rents current $660/month. Projected Market Rents w/ no rehab: $795/month
What was the outcome?
6.9% CAP Rate purchase
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Michael Cook w/ BPG Residential
- Cassidy Burns
- [email protected]
- 540-960-1507