Nebraska Apartment Investment Opportunity
NEW Price: Was $1,448,000 Now $1,350,000 (Good through 11/30/2015)
15.42% Cash-on-Cash Return
Cap Rate: 7.81%
Building Size: 31,488 SF
29,184 SF Apt Bldg.
2,304 SF Duplex Adjacent .5 Acre Parcel at Lot: $50,000 Value
Units: 31 (5-1BR, 26-2BR)
Avg. SF/Unit: 803
Avg. Rent/Unit: $584
Avg. Rent PSF: $.62
Gross Rent Mult: 6.21
High CAP Rate: 7.81%
Over $320,000 re-hab within the last 5 years
Tenant pays electricity/gas (water/sewer/trash paid by owner)
Occupancy stabilized at 90% in 2008; 97% since April 2015
17 secure garage units: $35/mo. paid by tenants; 51 close-in parking spaces
Laundry on premises: average income of $185/mo.
Value-added strong location; Benson Park Golf Course
Mature landscaping in park-like setting
Excellent 15.42% cash-on-cash
Upside on Net Income: 49.43% of Total Income
4.25% loan; DS: $63,756; DSCR: 1.65 with 20% down
-śCash Cow-ť opportunity
Consists of three buildings: 1- 29 unit apartment complex, 1 - seventeen unit garage building and 1 -“ duplex with garage.
This property is well situated in a fully developed neighborhood near churches and parks.
Located just east of a Golf Course and a couple of blocks north of a major thoroughfare in this area, making it very accessible.
This is a well maintained, secure access apartment.
This cmplex is nestled into a quiet park-like setting with many mature trees and plenty of green space.
Security patrols on a random schedule 24/7.
The first building (Building I) consists of 29 garden level apartments. The unit mix for this building is 5 one bedroom apartments and 24 two bedroom apartments. All of the two bedroom apartments have walk- in closets. This building was constructed in 1973 and has a total lot size of 70,280 square feet, providing 51 parking spaces and 17 garages. The property has a central laundry room with three washers and three dryers, all of which are coin operated averaging $185/mo. income. Each unit has a deck, which were newly re-constructed in 2005.
Building I has received extensive capital improvements in excess of over $320,000 in the last six years.
The current operating numbers are now excellent for this property.
Monthly financial reports reflect higher maintenance and capital expenditures incurred in 2013 and 2014. While these inflate current expenses, the new owner will enjoy the actual stabilized, operating expenses given the average of 97% occupancy.
* = This is the actual unit value of the 29 Unit Apartment building plus the duplex with garage; the 5,100 sq. ft., 17-unit garage complex and the half acre park adds another $95,000 for the total sales price.
** = Projected for year end 2015; current through first 7 months of 2015 occupancy average is 97%; 100% average projected September - December 2015 for 96% yearly average in 2015. Average annual occupancy through August 2015 includes adjustments and losses to lease; based on occupancy stability of last 24 months; projection is with average $25/mo./unit overall rent increases for 2015, current monthly income averages 110% of 2014; tenant mandatory self-insurance and management incentives to increase Security Deposits to equal cost of tenant turnover.
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.