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Looking for partner Need 1.1 Million Apartment Building - $1,100,000 (SpringFeild Ma)

condition: good
make / manufacturer: Apartment Building
Looking for seasoned investor to invest in an apartment building at 20% equity holding.
This is a 5 year hold, I am negotiables with sharing a percentage of the rent roll including debt service.
This property is listed for 5.5 million however our offer will be less.....
The financials look like this in a general way ( independent due diligence is advised)
Pro Forma Income Statement
Total Units 52
Income Monthly Annual
52 Units $72,850.00 $874,200.00
Parking - 36 x $50 $1,800.00 $21,600.00


Total $74,650.00 $895,800.00
Vacancy & Collections -$3,732.50 -$44,790.00
Projected Income $70,917.50 $851,010.00

Expenses
Taxes $7,814.58 $93,775.00
Insurance $2,690.67 $32,288.00
Utilities $14,166.67 $170,000.00
Pest Control $500.00 $6,000.00
Management Fee $3,732.50 $44,790.00
Lawn & Snow $208.33 $2,500.00
Maintenance Alloc. $3,732.50 $44,790.00
Total Expenses $32,845.25 $394,143.00
OP Margin 44.00%
Net from Operations $38,072.25 $456,867.00
Less Debt Service -$24,334.62 -$292,015.43
Net Income $13,737.63 $164,851.57

Key Info/Metrics
Estimated Sale: $5,500,000 ( We will be offering less perhaps in the $4.9 million) its been on the market for over a year and a half.
Proposed Loan $3,850,000
Cash Down To Buy -$1,650,000
Cost/Unit $105,769.23
Management Fee % 5%
Maintenance Allocation % 5%
Vacancy % 5%
Term (Number of Payments) 360
Rate: 6.50%
Proposed LTV 70%
Tax Rate $17.05
Debt Service Coverage 1.56
Return on Cash 9.99%
Capitalization Rate 8.31%
__________________________________
Capital Expense List

- Brand new roofs (both buildings) APO-2018
- Brick pointed
- Balconies removed
- Lead paint remediated in all units
- New water heating system (building 222-226)
- New HVAC (Buildings in 216, 220, 222-224, and 226). Building 218’s HVAC was
installed post 2007 but the actual year is unknown.
- Asphalt patched
- Exterior emergency staircase upgrade to steel (prior owner)
- Exterior efficiency lights
- Common area efficiency lights
- Door weather kits
- Door Sweeps
- Low flow showerheads and aerators
- Air sealing (all units)
- 226 floor leveled and re-supported
- Landscaping
- Units renovated. Nearly 50 units have been completely remodeled.
- Parking lines painted and numbered

NOT INTERESTED IN HARD MONEY LOAN
No Solicitations emails
Only accredited investors need apply.

post id: 7746481454

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