Posted by blarrie gibbs on June 11, 2005 at 14:59:35:
more detail complete info
60 unit apartment building for sale - Posted by Lion NC
Posted by Lion NC on February 08, 2005 at 08:48:12:
Hello,
I posted this some time ago and received a lot of helpful posts. The seller hashed out the expenses for me and nothing has changed. See my question below…
This seller no longer wishes to manage the 60 units and wants to sell them to me. They are located in Fulton County, SW Atlanta, GA.
Units are all identical with a 1 bdr townhouse style. Kitchen and living room are down stairs and the bedroom and bathroom are up stairs.
Owner is asking for $1.6mm. The owner needs $500,000 cash and will carry the remaining $1.1mm on a 30 year at market interest rates.
Expenses
Insurance: $21,600
Water: $36,000
Taxes: $36,000
Utilities: $12,000
Maint.: $26,000(I will be the maintenance man. I will also manage the property myself)
Total: $132,000
Rent $425 per @ 91% occupancy
Rental income: $280,500
NOI: $148,500
Cap Rate: 9.2%
Maintenance seemed a bit low but I triple checked with the seller and that’s the number we both came up with.
I would like to build up the value of these units over a year or two and then sell for a handsome profit, then move on to the next project.
I would classify these properties as C or even D.
Other than rehabbing the complex to get it to a B or A(?), I don’t have any idea what else I can do to increase the value. And I don’t know what a B classification would fetch on a complex like this to be worth doing.
Rents are at there upper limits, and expenses are in check.
Any ideas are welcome?
Thank you,
Lion NC
Re: 60 unit apartment building for sale - Posted by Emily B.
Posted by Emily B. on August 10, 2011 at 15:26:16:
Does the Apartment building have a swimming pool? If not, that would be a nice feature for improving it. Other ideas could be a fitness room, a basketball net, and even a nice shaded garden with a bench or two for tenants to relax. Also, does it have a laundry room? I am just throwing ideas. Hope this helps. Blessings!
Re: 60 unit apartment building for sale - Posted by Charles
Posted by Charles on June 24, 2010 at 01:19:54:
If interested in selling … call me at 443-717-7137
Re: 60 unit apartment building for sale - Posted by Vocare
Posted by Vocare on September 10, 2009 at 21:11:52:
dear Sir:
Would you send us some pictures and more information about the property in Lion. We are very interested. Thank you, Vocare
Call me very interesting in buying. - Posted by John
Posted by John on March 17, 2009 at 10:58:43:
here is my phone number please give me a call asap 980 322 8722 John
Thank you.
Re: 60 unit apartment building for sale - Posted by sean
Posted by sean on March 27, 2008 at 12:27:40:
would like more info on property, possible buyer
Re: 60 unit apartment building for sale - Posted by Joseph Eng
Posted by Joseph Eng on March 25, 2008 at 21:47:49:
I would like to have more informations about this 60 units
apartment building.
Re: 60 unit apartment building for sale - Posted by Robert
Posted by Robert on June 05, 2007 at 13:47:29:
Is this property still available? Thanks
Re: 60 unit apartment building for sale - Posted by Terrance L. Williams
Posted by Terrance L. Williams on May 21, 2007 at 12:40:21:
Dear Seller,
I would like to purchase your property. Send information ASAP!
Re: 60 unit apartment building for sale - Posted by mario
Posted by mario on March 03, 2005 at 19:54:36:
i am intrested please tell me if thi sis still availabel
Re: 60 unit apartment building for sale - Posted by ray@lcorn
Posted by ray@lcorn on February 08, 2005 at 12:55:13:
Lion,
If this is a C or D property I would assume there is significant deferred maintenance. That’s usually the prime source of upside value, but it takes a detailed analysis of the cost, time-frame and the potential end value. Most deals require improvements to be phased in over time, and you’ll only be able to capture the higher rents as the improvements are done.
As you analyze the work to be done, remember we don’t operate in a vacuum… while you’re improving this property your competition will not stand still. Make sure you’ve got a good grip on the market, especially the amenity level that supports higher rents.
You likely won’t make an “A” property out of a C or D unless you completely renovate the place. This post will explain the general rating scale: http://www.creonline.com/commercial-real-estate/wwwboard5/messages/15227.html
Sounds like the makings of a deal… but there is more work to do!
ray
Re: 60 unit apartment building for sale - Posted by DJ CENO
Posted by DJ CENO on February 05, 2010 at 12:59:43:
PLEASE SEND ME CONTACT INFO RE :60 unit apartment building for sale, SO WE CAN PUT A SERIOUS DEAL TOGETHER.
THANKS<
DJ
Re: 60 unit apartment building for sale - Posted by holly rilinger
Posted by holly rilinger on November 22, 2005 at 19:04:14:
do you have any interest in selling?
Re: 60 unit apartment building for sale - Posted by alien melkam
Posted by alien melkam on October 16, 2005 at 12:57:26:
First, I would like to say congratulation to you. In order to improve your property the two most import things that you could do is paint and change the carpets.
If that seems not enough maybe change the old appliances like refrigerator, dishwasher things that stand out the most.
GOOD LOCK
Re: 60 unit apartment building for sale - Posted by max
Posted by max on April 22, 2005 at 02:19:15:
is this property still available
Re: 60 unit apartment building for sale - Posted by Lion NC
Posted by Lion NC on February 10, 2005 at 14:24:00:
Thanks Ray.
Can the rehab of an apartment exterior increase rental income? Or should rehabing be held stricktly to functional spaces (i.e. kitchens, floors, bathrooms, walkways, etc.)?
Re: 60 unit apartment building for sale - Posted by blarrie gibbs
Posted by blarrie gibbs on June 11, 2005 at 14:58:08:
more info location more detail of layout
Re: 60 unit apartment building for sale - Posted by ray@lcorn
Posted by ray@lcorn on February 11, 2005 at 08:03:11:
Look at it from the standpoint of the tenant… would a coat of paint (or new siding or landscaping, etc.) make the complex more desirable than the competition?
Enhancing curb appeal can backfire if the insides are still sub-par.
ray