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72 Unit Apartment Building

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#1 ando638



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Posted 14 February 2011 - 07:58 PM

Any buyers interested in purchasing an apartment building please read the infomation below and reply to me as soon as possible:

13300 Alexandria Drive
Opa Locka, FL 33054

This is not a foreclosure, short sale, not listed. Built in 1972, CBS construction, roof 2 1/2 years new.

Gross living area of 66,278 SF (est.).

There are 34, 3 bedroom 1 bath units

35, 2 bedroom 1 bath units

3, 1 bedroom 1 bath units

Assessed value (2009)

Land $376,588

Building $4,623,412

Total $5,000,000

Property Taxes (2010) $88,740.72 if paid in February 2011.

Cap rate is 10.4%

The building was nearly fully rented for years at $900 to $1,100 with a waiting list.

The tenants were a mixture of Section 8 and non-Section 8.

Its demise came with the foreclosure action and the lis pendens being served on each tenant.

No rent rolls, no violations, all taxes paid through closing and seven families are living on the premises that will have to be evicted. The water and electric are on in the building.

Laundry room with 12 washers and dryers.

Originally there were laundry facilities on each floor but they were moved to a central building.

There are three shipping containers full of doors and windows to replace existing ones - no actual count in these.

This property was previously sold for $6,900,000 in 2007 with a $5.5 million mortgage.

No owner financing available, purely a cash transaction.

Deposit required with contract is $50,000.

No LOI's accepted 15 day inspection.

You can visit the property and look for yourself, you do so at your own risk, so please be careful because of the tenants. The "grounds manager" is living in the back of the complex and his name is Morris.

All compressors and most condensing units have been taken out.

Two units are fire damaged - one needs full drywall replacement and the other needs cleaning and painting because of soot damage.

The property is bordered on the North and South sides by large lots owned by the City of Opa Locka.

We have had over 100 people inquire about this property already.

This will be a diamond in the rough waiting for the new owner who is willing to do the needed restoration work to get it rented fully again.

The price of $2,240,250 is roughly $31,114/door and with an average rental income of $950, the gross rental income before expenses is $11,400/$31,114 = $36.6%. Assuming repairs of even $10,000/unit, this would be => $11,400/$38,850 = 29.3%.

These yields do not include financing costs, interest expense, taxes, insurance or any other maintenance or carrying costs - these are easily figured by industry standards.

**Engineers estimated repairs at $477,000 on 10/10/2009, for the above we estimated $10,000 per unit.

DO NOT send us a request for rent rolls, taxes, and tons of data sheets we have to fill out for your due-diligence. Do these yourself, take your contractor on site and you make the final decision.

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