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18 Unit Apartment Complex + Shopping Center yielding a 12.13% Cap Rate at asking price.  Fully occupied! A mixed-use apartment/retail property currently selling at 12.13% cap rate. It includes 18 apartment units and a shopping center with 2 locales. The tenants of the shopping center include a convenience store paying $2K in rent until 2020, plus a Salon with a month-to-month contract paying $1K per month. The current owner has the salon manager also collect rents and manage the 18 apartment units as well.

documents – RENT ROLL & FINANCIAL ANALYIS with Expenses

Need Address –  Sign commission protection agreement (now you can sign electronically – respond to text with full name & email)

For Sale

Price $925,000
Price/Unit $51,388
Cap Rate 12.13%
NOI $112,202
GRM 5.54
Sale Type Investment
Status Active
On Market 6 Days
Last Updated Dec 1, 2017
Update
Beds Units Avg SF Asking Rent/Unit Asking Rent/SF Concessions
Studio
6
$486
1.0%
1
10
$546
0.9%
2
2
$789
0.8%
Totals
18
$553
0.9%
Updated November 18, 2017

Building

Type 2 Star Garden Apartments
Units 18
Avg Unit Size 628 SF
Storie s 2
Year Built 1940
Class C
GBA 14,150 SF
Typical Floor 7,075 SF
# of Buildings 7
Market Segment All
Rent Type Market
ConstructionWood Frame
Walk Up Yes
Metering Individually Metered
Parking25 Surface Spaces are available; 0.4 per Unit
Taxes$662.22/Unit (2016)
Walk Score®Somewhat Walkable (50)
Transit Score®Good Transit (62)

Land

Land Acres 0.46 AC
Bldg FAR 0.71
Land SF 20,038 SF
Zoning None

Amenities

Unit Amenities
  • Air Conditioning
  • Cable Ready
  • Heating
  • Kitchen
  • Oven
  • Range
  • Washer/Dryer
Site Amenities
  • Electronic Payments Accepted
  • Laundry Facilities
  • Property Manager on Site
  • Security System
2016 Assessment
Improvements
Land
Total Value
 $245,012
 $200,000
$445,012
 $13,612/Unit
 $11,111/Unit
$24,723/Unit
Current
YOY Change

Vacancy Rates

Current Building
11.1%
0.0%
Submarket 1-3 Star
8.5%
3.0%
Market Overall
9.2%
1.2%

Asking Rents Per Unit

Current Building
$553
1.0%
Submarket 1-3 Star
$733
1.1%
Market Overall
$1,054
2.9%

Concessions

Current Building
0.9%
0.0%
Submarket 1-3 Star
2.2%
1.8%
Market Overall
2.9%
1.0%

Under Construction Units

Market Overall
10,877
50.8%

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