Description

17 unit apartment building for sale. Currently 9 units are rentable with 3 more that are cosmetically finished just needing a heat source and 5 units left to renovate. Unit breakdown is as follows:
8 studio's $450-475 (nothing included)
6 (1) bedroom $500-$600 (nothing included)
2 (2) bedroom $625 (nothing included)
1 (3) bedroom $725 (includes heat)
Proforma rent roll between $8,500 and $10,000 per month
Monthly expenses $2000 (taxes, insurance, water, sewer, cable/internet, general electric, trash removal)
currently have 7 units rented with monthly income of $4000, all leases transfer with new buyer, be profiting right away.
$70,000 in renovation has been completed over last year. Smaller 6 unit building totally renovated all new heat, electric, flooring, bathrooms, kitchens, etc. Larger building new roof and insulation, 4 units renovated. In process of finishing the 3 cosmetically renovated units and adding a heat source. Purchase price would reflect 12 units being ready for rent. Renovation of the remaining 5 units is estimated around $20,000-$25,000 (using contractors).
My financial partner just got promoted, moved to NY city and wants out of all investments which is forcing me to sell as I don't have the remaining funds necessary to complete the renovation. This is going to be a very profitable project for someone