Sold $775,000
It is getting a total of $7583/mo income, or $91K annually. It is master metered for electrical, gas and water, so utilities are more expensive for the seller. Plus, an inspection report reveals there is some electrical and plumbing work needed, which will cost approx. $50K to bring current. However, even with those two factors, taking into account all expenses, you will net approx. $38K income per annum. You will be out of pocket, including purchase, closing costs and $50K repairs, a total of $292. This means, if you manage it yourself, you will have 13% cash on cash return!
Once again I am able to present to you a property that is not currently on the market and, for the right person, is a great opportunity. The reason it is not on the market is because it is in escrow with a client of mine as the buyer. He is canceling escrow due to his own personal reasons, but I believe this to be a true ‘winner.’ Here are the specifics:
It is getting a total of $7583/mo income, or $91K annually. It is master metered for electrical, gas and water, so utilities are more expensive for the seller. Plus, an inspection report reveals there is some electrical and plumbing work needed, which will cost approx. $50K to bring current. However, even with those two factors, taking into account all expenses, you will net approx. $38K income per annum. You will be out of pocket, including purchase, closing costs and $50K repairs, a total of $292. This means, if you manage it yourself, you will have 13% cash on cash return !
The property is in an upside location in Glassell Pk. I have met the tenants who are great and taking good care of their units. This is a property that will be an asset to your portfolio, in the short run as well as the long run.
Contact me asap if you want it. I would like to get it for you before my client’s cancellation takes effect so you are not competing with the open market.
