Good afternoon folks, this just came across my desk. For those of you who don’t mind investing in NH…there is a 16 unit Apt building in Lancaster. Currently not on MLS, it will be in 2 weeks…so, the time to move is now. Renovation still needed about $20-$30k depending on how you proceed with electric and heating. Asking price $270k Contact Bernadette@bostonariea.com with interest.
• 16 unit apartment building
• $60,000 of renovation and improvements completed July-September 2012
• 9 units renovated, all on separate utilities so tenant pays heat and electric
• Since renovation was complete had 6-8 units always occupied for an average of 7 units or roughly an 80% occupancy rate
• Average monthly rental income $4000 a month since renovation was completed
• Average monthly expenses of $1800 per month
• Current Income $4200 per month today.
• If all 9 renovated units were occupied Pro forma Income of $4900 per month
• 8 units plus office and storage space are unoccupied needing further renovation.
• Of those 8 units, 3 units are being updated now and will be ready to rent in 4 weeks
• The remaining 5 units plus office and storage space need complete renovating. Could be made into larger units if combined (2/3 beds) or remain as smaller units (1 beds)
• Additional rental income from remaining units once renovated of $4200. Fully renovated and rented 16 unit building with $9000+ monthly rental income potential.
• Unit breakdown: (renovated units) one 3 bedroom unit, one 2 bedroom unit, four 1 bedroom units, three efficiency units.
• Unit breakdown: (Units still needing renovation) three efficiency units (under renovation currently), remaining 5 units and office/storage area proposed to be combined into larger units.
• Current Rent Roll: $475 for efficiency (tenant pays utilities) $525-$550 for 1 bed (tenant pays utilities) $625 for 2 bed (tenant pays utilities) $725 for 3 bed (tenant pays utilities)
• Reliable Property Management in the area. Once renovation is complete can take the building over and deal with marketing, filling vacancies, maintenance and rent collection.
Leave a Reply