Multifamily Review - Newbie

[James Winters]

Looking at a MLS listing to learn what to look for here: 1600 N Emerson Ave

Minneapolis, MN 55411

http://www.loopnet.com/Listing/6099429

The numbers I calculate are pretty close to matching the 10 CAP shown on LoopNet. With 25% down on a commercial loan it looks like it could make $200 per door and a CoC over 15%.

What do I need to do for next steps? I’m thinking verify rent assumptions with a property manager and ask for a P&L. What pitfalls do I need to look for? Does this seem like a potential deal?

Thanks!

[John Woodrich]

@James Winters you will want to get a feel for the area that place is located...  I would say your next steps are to contact @Jordan Moorhead to get more information for you.  I would ask for a P&L, rent roll, I would personally drive by there a few times (day and night, and night, and night) to see if you are comfortable owning there.  You will also want to look at the Mpls shots fired map to see if you have some "activity" in that area.