2 buildings totaling 14 Units with a mix of different units. It is professionally managed. One building is 85% occupied and the other building (smaller) is completely vacant as it is being worked on but has a brand new roof on it. Current rent roll is $5000 because one building is down. When fully occupied the Market rent roll will be $10,900 plus coin laundry that averages $500 a month. This is a very good property in a quiet part of town. The brand new roof was $45,000 and I have spent another $40,000 to rehab both buildings. Asking price is $540k, the ARV is $700k.. Gross rent fully occupied is $128,400+$6000 laundry. The building will gross $134,400… NOI = 87k 12.6% cap rate Looking for a quick close.
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