And Another One..We Sold the last 16unit deal around the corner for 450k This one needs more work so we made sure we priced it accordingly... 19th ave and Peoria ... under 24k a door... income potential 13% Cap *** I have 5k built into the 375k purchase price....Your Buyer My Deal... **** U Cant Find units for under 25k a door anymore with no bidding wars Address 1801& 1809 W MOUNTAIN VIEW RD, PHOENIX, AZ 85021 APN/Parcels ▪ 158-21-065 & ▪ 158-21-066 1801 is “U” shaped nod includes the laundry room and a second building. 1809 us “L” shaped and a single building 3 buildings total. Lot size 42,000 sq/ft ( Almost a Full Acre ) Pictures link: CLICK HERE!! Unit Mix 1 = studio 6 = 1bd/1ba 9 = 2bd/1ba Details : - Current owner purchased it 3 years ago. - 3-1/2 - 4 years ago roof was done plus partial remodel. - The laundry room has separate electric and gas. That including the existing water plumbing making it easily converted to a 17th unit. Rehab ▪ Estimated from $60K-$70K. Seller Has hard bid from his contractor to get work done for $70,000. ▪ We can provided documentation for city violations that need correcting as well as provide documentation of the contractor bid. ▪ Contractor Bid : Will cover Structural Engineering reports/ Permits for wiring electrical in all of the units / Owner has several Water heaters he will bring back at COE ▪ Contractor Bid : Will also cover peck piping for exterior that was stolen / AC units that 2 are still working / correcting water heater venting set up ▪ Averaging Rehab : 2k a door X 16 = 32k / Rewire each unit $1200 X 16 = $19,200 / partial roof replacement $10,000 / Exterior updating $4800 / Misc unseen $4,000 = $70,000 Rents currently / projected ▪ 1 Studio $350 - projected $400 - 1 unit total ▪ 1/1 $375 - projected $450 - 6 units total ▪ 2/1 $450 - projected $500 - 9 units total Purchase Price $375,000 Cash/Hard Money ▪ Price per door: $23,437 acquisition price ▪ Price per door including rehab: ( 375k acquisition + 70k repairs = 445k / 16 = $27,812 a door at 16 units Current possible income $4,050 + $2,250 + $350 = $6,650 plus laundry and vending income Future max income (with out converting laundry) $4,500 + $2,700 + $400 = $7,600 plus laundry Potential Caps = NOI ($8,100 - 40% = $4,860) $4,860( monthly NOI ) X 12 = $58,320 ( NOI for the year ) ▪ $58, 320 ( NOI ) / $445,000 ( Acquisition + Rehab ) = 13.1% Cap rate Potential ACCESS: Call to set up inspection. FINANCING: Cash/Hard Money TERMS: ▪ Open escrow with $10,000 refundable earnest deposit with a cashiers check made out to Pioneer Title Agency. ▪ $10,000 earnest gives you a 5 day inspection period then earnest becomes non-refundable on the 6th day. We will provide any available rent rolls/ P & L for subject property, and access to units. ▪ Buyer pays all closing costs and escrow fees. CONTACT INFO: Elijah Rubin 480-217-2336 TalentsnMotion@yahoo Efax: 602-456-6545
Posted on: Tue, 02 Dec 2014 04:03:17 +0000
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