Is this a good deal
Between everyone on Bigger Pockets there is probably thousands of years of REI experience, I was wondering if you all wouldn't mind using that experience to give me your opinions on this deal.
236 unit apartment complex a low Class B or Class C small 13,000 population town that is on the rise.Mix of 3-4 bdrm duplexes and SFH's that are rented out with lots of common areas throughout. At 100% occupancy revenue is $1.9 million. Occupancy ranges from 87% during their turnover season to 94% at peak.
The complex has in house maintenance and leasing staff and reports expenses at 340k.
At $9.4 million do you think this is a good deal?
Most Popular Reply
So he should sell at market or hire a manager. Do you think market is only 5 times gross rents? It seems that in today's economy it would be at least 10 times. An investor is not going to discount 50% just because he is retiring. Something is up.