77 unit deal in Jefferson - Asking price $3M
Building #1 - 26 units
4 - 1 bed flats - approx 705sf each - avg rent $560
18 - 1 bed townhouse - approx 705sf each - avg rent $555
4 - 2 bed flats - approx 880sf each - avg rent $650
Estimated monthly total revenue - $14,830
Building #2 - 51 units
13 - 1 bed flats - approx 705sf each - avg rent $560
26 - 1 bed townhouse - approx 705sf each - avg rent $555
8 - 2 bed townhouse - approx 960sf each - avg rent $675
4 - 2 bed flats - approx 880sf each - avg rent $650
Estimated monthly total revenue - $29,710
Each building has a separate laundry facility/building also that take in about $971 per month, but the sellers use a third party company to maintain and service the facilities so they receive about $535 per month.
Building #1 - 6 washers and 6 dryers
Building #2 - 4 washers and 4 dryers
Total monthly revenue for 621 & 630 Central is about $44,540, plus the laundries for a total of $45,075 per month which is $540,900 per year.
The rents could definitely be higher (market rate is about $1 per square foot) and the coin operated laundries could make more as well by managing in house. At closer to market rate rents the property would generate revenue as follows:
Building #1 - 26 units
4 - 1 bed flats - approx 705sf each - at $650 = $2600 per month
18 - 1 bed townhouse - approx 705sf each - at $650 = $11,700 per month
4 - 2 bed flats - approx 880sf each - at $750 = $3,000 per month
Estimated monthly total revenue - $17,300
Building #2 - 51 units
13 - 1 bed flats - approx 705sf each - at $650 = $8,450
26 - 1 bed townhouse - approx 705sf each - at $650 = $16,900
8 - 2 bed townhouse - approx 960sf each - at $850 = $6,800
4 - 2 bed flats - approx 880sf each - at $750 = $3,000
Estimated monthly total revenue - $35,150
Total potential revenue = $52,450 per month or $629,400 per year not counting the additional revenue from the laundry facilities which would put it at about $635,820 per year using the management/maintenance company for the laundries or at about $641,052 if managed in house.
Seller is 88 years old and looking to cash out. He is not interested in any type of owner financing. Properties appraised for 2.3M in 2004. Seller believes with an average of 3% appreciation per year that would put the properties worth about $3.4 million today. Seller is asking $3M. Seller is firm on that asking price.
*Potential buyers should do their own due diligence and estimates on expenses as they would manage. Seller will accept offer conditioned upon appraisal.
Recent Expenses:
Property Taxes - $21,183.45
Property Insurance - $29,810
Liability Insurance - $11,837
No flood insurance needed
Electricity - 6 meters and office - $655/mos
Gas - for laundry facilities - $112
Water - 3 meters - $3253
14 fouplexes in Terrytown - Asking price $3M
12 on W Monterey Court and 2 on Ruby Street, located in Terrytown.
Have Excel spreadsheets of estimated 2015 expenses. Figures taken from 2015 insurance bills, 2014 water bills and rents were taken from what typical charges for apartments as follows:
3 bed room flat upstairs 825.00
3 bed room flat downstairs 875.00
3 bedroom town home 895.00
4 bed room town home 995.00
water bill total from 45.00 per month charge as leases renewed and new leases
stoves 30.00 per month as new leases others changing as lease renews
pets 20.00 per month
Flood insurance runs $471 per building for the 12 on Monterey Court and no flood needed on the 2 on Ruby Street.
All units are good shape. Only 2 vacant out of 56. 11 of 56 are section 8.
Must be sold in package.
Approx sq ft per building is 5500.
No owner financing. He is retiring and trying to cash out.
Seller says the cap is around 11%.
4 empty lots included with the 14 fouplexes.
Contact me for more info at 504-457-8590 or PM me here.
