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Home > For Sale > Apartment Buildings(5+ Units)
Listing ID: 5380
**237 UNITS--55% LTV--Needs Rehab--**ARV-$10M** GPRI-$1.7 MILL!!! $5600000 For Sale We can finance it! Property Description 237 UNIT PROPERTY 55% OF ARV MASSIVE CASHFLOW!! 237 unit Apartment Complex available for Exclusive WHOLESALE Opportunity!!! Jacksonville, FL Only $23,000/unit!!! 1 (32%),2 (63%), and 3 (5%) BR mix. $1,706,400 Gross Potential Rent Income!!! ARV= $11 Million. Repairs- $1.5 Million. Purchase Price only $5.5 Million! EQUITY- $4 Million**** $1,706,400 Gross Potential Rent Income $ 880,200 Net Operating Income (after all expenses) (**VERY CONSERVATIVE**) $73,300/Month NET 11.5% CAP RATE Currently 30% occupied, Needs repair and stabilization. You will see that the rents average for about $600/month for the unit mix. After repaired, that number will be greater. At $600/month x 237 units = $142,200/month x 12 = $1,706,400/year GPRI (Gross Potential Rent Income) -5% vacancy = $1,621,080 If you VERY aggressively estimate all operating expenses (except debt service) at about 50% of GROSS INCOME, you will conclude a Net Operating Income (NOI) of $810,540/year, which yields a cap rate of 11.5%, after all $1.5 million of repairs made on the property. This is a retail repair quote, and can be completed at significantly less than $1.5 million. Repairs- $1.5 million or about $6k/unit Property currently only 30% occupied and it is estimated that it will take 18 months to stabilize property. $5.5 million/ 237 units = only $23k/unit. With repairs considered, it is still only $29.5k/unit! This is a great deal. And will NOT last long. Complete Investor Package available for interested parties. Package includes photos, comps, rentals, location, description, etc... COmplete due diligence package CASH DEAL If you have interest or ARE DIRECT to a serious and CAPABLE buyer, CALL NOW. Commissions may be negotiated. Contact Information Contact person: Craig Tomlin Seller type: Private Owner Owner Finance: No MLS: Phone: Log in to view Address: Log in to view City: Jacksonville State/Province: Zip/Postal Code: Country: User Listings: Show All Ads by this member Listing Information Type: Apartment Buildings Listing Status: For Sale Price: 5600000 Bedrooms: 450 Bathrooms: 240 Stories: 1 Square Feet: 900 Lot Size: Age of Home: Additional Feature: Appliances: Benefits: Community Pool Planning to Sell or Buy a Home? Compare REALTORS® First. It's Fast and Free!