Updated almost 15 years ago on . Most recent reply
Help w/Deal Evaluation
Please help me with this deal. A friend brought it to my attention and I would like to get an oppinion on it.
Asking Price: $1,350,000
Miami, Fl (Downtown Area)
22 Units
11,500 SQ/FT
3 Stories
100% Occupied
9.7% CAP Rate
NOI: $131,319
Unit Mix:
15 - Studios (450 SQ/FT) (Rent $650)
6 - 1/1 (550 SQ/FT) (Rent $550)
1 - 4/1 (850 SQ/FT) (Rent $1,350)
1 - Storage (700 SQ/Ft) (Rent $450)
Government Subsidized
Existing Assumable Loan of: $770,000 at 6%, 30 Yrs.
Seller Looking for $580,000 Down Payment
Description
Appreciating area with a steady government income; under a HUD assisted program. Recently renovated. This property is priced to sell. 9.7% cap rate for a government income property. Blocks away from Downtown.
Highlights
Under a HUD contract that pays 90% of the rents.
All tile, recently renovated; new elevator shaft.
All elder tenants, easy to manage.
Assumable mortgage only 6% interest rate
100% occupied; 30 person waiting list