Updated about 10 years ago on . Most recent reply
Beach Quadruplex
We are under contract for 7 blocks of quadruplexes.
28 units
Contract sales price=$1,575,000
Appraised value=$1,700,000 (real appraisal done 01/16)
NOI=$156,000
Average cap for area =7%
current average rents per unit $650
Comparable rents=$750/unit
This is a value play rather than for immediate cash flow which is not particularly impressive as COC return is in the 3% range per bigger pockets rental calculator.
What do you think?