Commercial deal - 22 apts, 9 stores..will this work?
Hi all,
I am currently looking at a commercial property in NH. Three buildings which include 22 apartments, 9 retail storefronts and a vacant theatre.
Annual Gross income is $252,000
Annual Operating Expenses are $75,000
Assume a 5% vacancy (-$12,600)
Leaves a Net Operating Income of $163,000
Asking price is $2,500,000
All units are rented except the theatre, it needs work and is what I ultimately want to renovate and reopen. For now, I'd be happy if the rest of the property paid for itself.
What kind of financing would be possible on a property like this? Given the numbers above, how much could be financed and remain cash positive?
Any help or advice on this deal would be appreciated!
Thanks,
Joe