Awesome cash flow property in Seattle! (35 unit apt, 23% Cap Rate)

By
Services for Real Estate Pros with Heaton Dainard

 

Check out a recent deal..

 

35 Unit Apartment Building

23% Cap Rate

High Income Producing Property

  

 

Greetings!

 

1008 S 2nd St

Mount Vernon WA 98273

  

 

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%!


Price: $799,000

Exit Strategies:

 

Cap Rate Calculator

 

Monthly Rent

 

 $        22,000

Gross Annual Income

 

 $      264,000

Laundry/Storage/Parking

 

 $          2,000

Total Gross

 

 $      266,000

Vacancy Rate

5%

 $         13,300

Maintenance

 

 $         10,000

Utilities

 

 $        25,000

Property Taxes

 

 $          9,500

Insurance

 

 $          2,500

Management Fee

8%

 $         21,280

Net Operating Income

 

 $       184,420

Purchase Price

 

 $      799,000

Cap Rate Calculator

 

23.08%

 

 

Call immediately to reserve this opportunity

 

Check out more pics:

https://picasaweb.google.com/112506832239218751378/35UnitApartment 

 

 

Call Immediatly to Reserve this Opportunity!

Sincerely,

 

James Dainard

Invest Now, LLC

218 Main Street #388

(425)246-2187
james@investnow.net

 

 

 

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REO EXCHANGE
Tags:
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real estate investing seattle
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