SOLD - 2801 Paloma Senda 86442, Bullhead City Multifamily
Buyer Representation by Next Wave Real Estate Investments, LLC
We felt, and our client agreed, that this Bullhead City Multifamily property near Western Arizona Regional Medical Center had a lot of potential, and was worth enduring the short sale process to see if the bank would approve our target buy price. We first researched the property and debt information carefully (to see if the deal could be done at all), estimated the maximum outlay of cash to maintain minimum risk for our client and still win over the seller and bank's negotiatior. Lots of moving parts and decision makers!
It took 4 months to find out, and the waiting can be annoying, but our Bullhead City investor-buyer remained calm. His patience was rewarded - the bank approved our deal as written, which was an estimated 20% below appraisal (we are pretty sure we nailed it).
This new owner will now be enjoying a generous annual yield on his investment.
This 1/3 acre corner 4-unit mid-80s built property had a lot going for it -- literally a walking distance from a huge medical center, lots of parking, and each oversized patio/balcony unit has its own garage (relatively rare in our area). These factors will ensure top market rents and low vacancy rates.
Gross Rent Multiplier for this deal was 7.34, and the last 3 sales had GRMs in the 9s so we did okay!
Closed escrow 3-7-2016.
Multifamily can be a great investment if done right.