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36 Unit Apartment FORECLOSURE SALE
1411 W. Carpenter
Flint, MI 48505
County: Genesee
36 Units
29,000 sq ft
Price: $375,000
Price Per Unit: $10,417
Cap Rate: 20%
Year Built: 1969
Foreclosure Sale
Flyer
If your a
rehab investor looking for upside and built in
equity, this property is for you--estimated
$350,000+ equity in property after rehab. Fantastic
projected cap rate of 20 %. Light rehab is needed
and many units could be up and running in just a
couple of weeks. Currently vacant with no
tenants--was operating in January 2008. Garden style
brick buildings with basements and laundry.
Improvements
to property include: new tear-off roofs in 2006,
vinyl siding, some windows, carpeting, wood fence,
and misc. improvements to units. Plenty of room for
tenant and guest parking. LAND CONTRACT available
with following terms: $100,000 down-payment, 10 %
interest only, term 18 months, monthly payments
$2,292. Discount for CASH buyers and quick closing.
See detailed flyer for more info. Confidential Sale.
Contact list
agent for more details or to schedule a private
showing. On Carpenter Rd West of I-475, see
map
$350,000 in Upside Equity -
Brick Construction - Fantastic Projected Cap Rate
20% - Seller Financing Available - Land Contract -
FORECLOSURE
Financial Summary Proforma
Year: 2008
Scheduled Gross Income: $164,400
Effective Gross Income: $148,960
Operating Expenses: $73,643
Net Operating Income: $75,317
Unit Mix Information
1 Bedroom 1 Bath
No. Units: 25
SF: 700
Avg. Mo. Rent: $350
2 Bedroom 1 Bath
No. Units: 11
SF: 800
Avg. Mo. Rent: $450
Debt & Equity Information
Debt Type: Proposed
Loan Amount: $275,000
Interest Rate: 10.00%
Due In: 1
Annual Debt Service: $2,292
Down Payment: $100,000
call Josh Otting at (248)
538-0234 Ext: 305
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Apartment Investments
A Great New Book Full of What Investors
Need to Know.
Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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