Memphis Value-Add Multifamily For Sale
The owner is allowing us a short fuse opportunity to provide a principal buyer who will have the ability to move into first position. The owner has been speaking with other brokers who have buyers with immediate interest, however, the owner has enjoyed our relationship and wants to reward us first, if possible.
We have received a current appraisal for this property - came in at $3.5M. The owner is 50 percent complete with renovations / rehab and wants to get out. If a solid buyer is able to pay 2.9M, he will go to contract immediately.
The price is firm at $2.9M. Terms: All cash, close in 30 days, 10 day DD. Included in the purchase price is a $100K credit to the buyer which is $100k currently being held in escrow for improvements (required by the existing hard money lender). To be clear, the owner has received other multiple offers, however, they are giving us hours to bring in a principal buyer who has a shot at being placed in a first position above all other buyers.
This is not intended to be any kind of guaranty - any buyer will have the opportunity to confirm these representations directly with the owner.
-- End Update --
Hot Location - 5 miles from University of Memphis!
Cash flow $600K annually
Prior to rehab, an appraisal came in at $3,350,000.Per the owner, after 300K in rehab, this property will easily be pushing $4 million in value.
The owner is discounting the property for a quick sale, leaving a substantial amount of equity on the table for the right buyer who can recognize this opportunity and show ability to close quickly.
Prime Opportunity For The Astute Multifamily Buyer.
The owner is currently rehabbing the property, however, exhausted mostly due to a prior partner who provided assurances and then went in another direction.
The owner recently closed on a refinance with a hard money lender who put the screws to the owner...
The asking price is $2,600,000 (FIRM!).
There is a total of $1,825,000 in an underlying first and 2nd.
The difference needs to be made up in cash.
The buyer will receive $200K that was withheld by the hard money lender in escrow for the 1 year, interest only loan payment.
The buyer will also receive $360K withheld by the hard money lender in escrow for rehab draws.
The owner has 2 pending offers pending.
This is a beautiful property, a two-story condo style
Per the owner, this property will be selling very soon.
Scheduled income is $500,000 after the repairs are finished.
The repairs are basically cosmetic - there are no major renovations needed.
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.