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Check out a recent deal..
35 Unit Apartment Building 23% Cap Rate High Income Producing Property
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Greetings! |
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1008 S 2nd St Mount Vernon WA 98273
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Year Built: 1930 Total Living Sq Ft: 21,084 14 -Studio Units: Avg rents $525 6 -Studio + den: Avg rents $575 9 - 1 bed: Avg rents $650 6 - 1 bed + Den Avg rents 675 Tax Assessed Value 1,015,000
4 story, 35 Unit apartment building at a significant discount and high return rates. This property is in a great downtown Mt Vernon location close to county offices, court house, and shopping centers. Currently 20 units are occupied (we have rent rolls) Brining in $11,333.00 a month in rent (but owner pays utility bills). The other 15 units are vacant and need minor fixes to get them rent ready. An investor should be able to get all of the units rentable with $75,000 in TI. Some units need more, some units need less.
After the units are fixed up with a average of $650 a unit the property will bring in an additional $9,750 a month in rent. Total gross rent will be around $22,000 a month. After factoring expense and vac rate it brings this property to around 23%!
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