Multi-party is fully occupied with 7 apartments + parking + tenants pay the expenses (heating, felt
Multi-party is fully occupied with 7 apartments + parking + tenants pay the expenses (heating, feltLior updated 2 years, 6 months ago 1 Member · 1 Post
MemberJuly 2, 2019 at 21: 57
We want to present you a very interesting revenue deal
Multi-family property in Connecticut comprising 2 one-room apartments and 5 apartments of 3 rooms (large apartments)! Total 7 Apartments.
The existing owner of the property has not spared the expense of renovating the property since 2009 - list of improvements made below
A property that was renovated in 2009 and is at a high level of maintenance and has been brought to the Connecticut code in its entirety - the new owner is expected to have minimal maintenance.
Tenants are paying bills including the heating! (The owner pays only water)
The property is fully populated - meaning you receive income from the first day of ownership.
3 Rooms are relatively rare and have higher rental costs and have less turnover because a family can stay the size of such an apartment in long term well-being.
The rental is lower than the market price and therefore there is an opportunity to raise the rent and thereby raise the value of the property
The property was completely renovated before 10 years and was brought to the city code
There is plenty of parking instead of the residents
The property is within walking distance to the city center, the hospital and the court - convenient for rent to local employees. There is a playground across the road - an attraction for families with children.
Asking price for the property: $ 475 - a price that reflects an average of $ 67,857 per apartment
Due to the marketing power of the forum and the volume of transactions we make in Connecticut, we will try to offer a price of $ 400,000 - a price that reflects an average of $ 57,142 per apartment.
If the price is accepted, we will ensure that it includes the Wholesaler and Broker fees.
Total income of property: 67830 USD
Total expenditure of property: 27483
Net income after expenses (NOI) and before financing: 40347 dollars
After financing - $ 17397
Cash and Cash - 14.65 percent
Cape Right - 8.49 percent
Potential Income: 75810 USD
Potential expenses: 28281 dollars
Potential net income after expenses (NOI) and before financing: 47529 USD
After financing - $ 24579.88
Cash and Cash - 20.70 percent
Cape Right - 10.01 percent
Existing rental history and rental potential:
The apartments are leased below the market price and 4 from the tenants are renting long term to the 30 APR 2020
on the place:
A minute's drive from the hospital
2 minutes away from court
- Vernon City - XNUMX minutes drive from the Connecticut capital Hartford
The last government survey in the median family income area was 59,599 $.
Only about 4.1 of the families and 5.9% of the population were below the poverty line.
Source of the survey
Benefits of the region:
The average family income rose from $ 47816 in 2000, to $ 65801 in 2010! - Extremely durable population!
Taxes and significantly lower water costs compared to Hartford
More quality tenants than Hartford
Central location for main roads
Shopping and entertainment centers
Positive migration of 4 percent in 10 years from 2000 to 2010
Average relatively young detectors of the residents - 40s. Working population of young families.
A clean area from crime:
Famous people from the region:
Lucille Barkley, film actress in the 1940s and 1950s, died in Vernon.
Joe Courtney, current US congressman from Connecticut's 2nd congressional district.
George L. Graziadio, Jr., business and property developer born in Vernon.
Marie Herbst, politician and former mayor of Vernon.
Ross A. Hull, radio engineer, lived and died in Vernon.
Martin Kellogg, former president of the University of California, was born in Vernon.
Dwight Marcy, politician and attorney in Vernon.
Jason L. McCoy, politician and former mayor of Vernon.
Jim Penders, head coach of the Connecticut Huskies baseball team, was born in Vernon.
M. William Phelps, investigative journalist and crime writer, lives in Vernon.
Gene Pitney, a singer now in the Rock and Roll Hall of Fame, grew up in Rockville, from which he took his stage name: "The Rockville Rocket."
Charles Ethan Porter (c. 1847-1923), an African-American still-life painter, lived in the Rockville neighborhood as a child.
Bill Romanowski was born in Vernon; he is a former professional American football player and four-time Super Bowl champion.
Christian Sharps, inventor of the Sharps rifle, spent the final years of his life farming in Vernon.
Mark Warner, former Governor of Virginia and current U.S. Senator, was raised in Vernon.
Nature of the transaction:
The property can be purchased independently.
In this case the forum takes a marketing fee of 2000 dollars. Our accompaniment will include all the operations required until the purchase with a connection to a local management company whose great advantage is that it takes us only 5 percent to manage!
Another option is to purchase in partnership with the forum, in cash or with financing. In this case, we will accompany the transaction even after the purchase - raising the rents, lowering taxes if necessary, working with the tenants, renovations if necessary and a direct fact with the management company. We will also physically reach inspections, meetings on professionals, etc.
We will also work on obtaining American financing for the transaction.
Improvements to the property (partial list)
All improvements were made in accordance with the Code of the State of Connecticut and with proper building permits
A new electrical system
7 Separate Boilers with Heating System On Demand!
All kitchens and bathrooms have been renovated!
New ceilings and gypsum board (Sheetrock)
The balconies of all the apartments have been renovated!
The roof was replaced in 2009!
Gutters and rain pipes have been replaced!
The private parking lot has been rebuilt!
New Emergency Lights
So how does the deal take place?
After signing a contract with us, a cash deposit is transferred to a lawyer who will serve as the initial deposit to enter into the contract with the seller
We condition the contract on a thorough inspection of the property - inspection
We will ask the seller 10 days to decide whether we are moving or not
If you decide not to proceed, you get the deposit back, minus the cost of the test
If we decide to continue the transaction, you will continue forward with our accompaniment
CMA Comparative Report (Compasses):
Property's sales history:
The price includes full accompaniment until the property is owned by you and is under management company (if you are interested, we can also take care of you to open a company etc. at a reduced cost)
Schools and shops in the area:
Nearby schools include Next Step Program (Aacbp), St Bernard School and Maple Street School. The closest grocery stores are Daniel Food Mart, Krauzers and Natures Grocer. Nearby coffee shops include Jacob's Well Christian Coffeehouse, Dunkin 'Donuts and Cafe Lafayette LLC. Nearby restaurants include Antonio's Italian Pizzeria, Aibonito Bakery
Transaction page on the Assets Arena site: