All Forum Posts by: Todd Keith

South-Central Florida 92 Unit Multi-Family asset that is Value Added on steroids, priced Super Low!

Purchase price is very firm per the seller at $1,450,000

The seller to pay the Real Estate Commission at this price only

Or

Should the executed purchase price be less than $1,450,000, the buyer to pay the 4% Real Estate Commission

Located in Belle Glade, Florida in Palm Beach County some 45-50 miles west of West Palm Beach and the Atlantic ocean. Belle Glade is a rural community near the iconic Lake Okeechobee which is a large body of water in the middle of the state.

Please note: This is a Class C asset that has a Cap Rate of 7.6% with a Net Operating Income of $107,978 & that is with 86% rented rent-ready units and there are still 20 units that need a full rehab & then to be rented.

Proforma: Cap rate would be 11.5% (when fully occupied, there are currently 20 vacant units)

Property description:

Great potential income producing property in Downtown Belle Glade, FL.

This value add property includes the sale of 4 buildings with a total of 92 units.

• 92 units breakdown:
  • 3 folios, 4 buildings total
    
  • 72 available for rent now
    
  • 62 already currently rented (86% occupancy of the 72 units that are rent-ready)
    
  • 20 needs full rehab
    

    Folio 1: Building- 12 unit apartment building. Legal 12 unit property. (all full 1/1s) all rented 3 separate 4 unit buildings fully occupied. The buildings are CBS construction. All 3 buildings have concrete roofs! Cash flow multi-family rental! All units rented for $450-$550 per month each. Rents can be increased as they have been the same for 10+ years. Folio 2: Building- 28 units (1 bed with kitchen area-4 common bathroom areas). Building almost fully occupied. This building is CBS construction Folio 3: Building 1- 32 unit building that is almost fully rented, (with common bathroom areas). It has a vacant building on same folio that can provide 20 extra rent-able units once renovated. Building 2: is a two story frame/stucco building with 20 units single bed and 7 units double bed boarding house style, small room with down the hall full bathroom and showers for women and men. Needs full rehab estimated at $60-75k. Property has on site property manager that collects rent and maintains property.

• Folio 1: Income $59,935 expenses $34,975 net $24,960
• Folio 2: Income $62,640 expenses $25,654 net $36,986
• Folio 3: Income $69,600 expenses $23,568 net $46,032
  
  • Total Net NOI: $107,978

Property is tenant occupied. Please do not disturb tenants or management. Showing is strictly by appointment only. Please do not show up without an appointment. Todd Keith

[email protected]

214.395.0804

Five Stream Ventures, LLC

4 Unit Apartment Building - For less than the price of most Single-Family Homes, you can have 4 income-producing units!

Hi @Brian White, 

We are selling the duplex and we have an excellent property management company that is ready to step in an manage these. By the way, we also have the 2/1 SFR next door under contract and it's available for $38k.

Would you like me to send you some additional detail? If so, what email address should that go to? 

Thanks, 

Todd

2 Unit Duplex

For less than the price of most Single-Family Homes, you can have 2 income-producing units!

PRICED TO MOVE QUICKLY: $29,000"

5 Unit Apartment Building - For less than the price of most Single-Family Homes, you can have 5 income-producing units!

4 Unit Apartment Building - For less than the price of most Single-Family Homes, you can have 4 income-producing units!

2 Unit Duplex - For less than the price of most Single-Family Homes, you can have4 income-producing units!

Attention: Dallas Multifamily Investors!

You've asked for them. We've listened.

We have a slew of off-market multifamily properties in Dallas that we'll be advertising soon.

To be more specific, we have 389 units spanning multiple properties in Class C (Think Cash-flow) areas of Dallas.

Properties as small a 2 and 3 duplex packages and as large as 120 unit apartment complexes.

All Off-Market and priced to move! (You won't find these on MLS, Loopnet, or CoStar)

To be notified when these properties are available, send an email to [email protected].

Please put "Dallas Multifamily" in the subject line, so we can make sure you get the right properties.

Thanks and Have a Great Day!

Gobble up this 120 Unit Apartment Complex in Dallas, Texas!!!

Five Stream Ventures, LLC would like to present you with the opportunity to acquire this 120 unit apartment complex near Dallas, Texas.

• Asking Price - $7.1MM (plus 3% buyer's fee) Before 12/31/18 OR $7.4MM (plus 3% buyer's fee) After 12/31/18.
• Location - Garland, TX (Suburb of Dallas, TX)
• Year Built - 1965 and 1963
• Building Class - Class C
• Units - 120
• Unit Mix - Efficiency, 1/1, 2/1, 2/2, and 3/2 units.
• Occupancy - 94% as of Oct. 2018
• Gross - $1,145,312
• NOI - $457,061
• Going In Cap Rate - 6.4%

Contact us if you would like more information on the property.

Todd Keith

Five Stream Ventures, LLC

[email protected]

214.395.0804 

5 Unit Apartment Building - For less than the price of most Single-Family Homes, you can have 5 income-producing units!