62 Units for Sale; Condo Conversion deal. Type: Multifamily
CLASS C7
Zoning: R7-1/R5
Year built: 1923
Sqft: 54,624
LOT: 0.60 Acres
Buildings: 2 (8 Towers)
Residential: 43 FM & 12 RS + 1RS (admin)
Commercial: 6
Asking: $24M
Assumable Loan: 17.1M
Exp: 2031
Interest Rate: 3.7%
Cash needed: $6.9M FINAL
OR
Cash Deal at $22.1M FINAL
PRJ Condo Conversion Up-side: $15M
PRJ Cash on Cash Return after CC: 67%
Cash on Cash return: 15.8%
Gross Income: 2.1M
Net Income: $1.4M
Closing Terms: 30-45 days or less
EXIT STRATEGY: The property is undergoing a condo conversion with approval for test marketing, generating cash flow during the process. The condo sell-off is valued at $44 million, with an expected ROI of over 100% in 2-3 years. Rental income continues until the condos are sold, and low HOA fees are anticipated to boost prices. High demand for conversions in the area adds to its appeal.
For showing please send non binding LOI (Just to show seriousness to seller). Motivated to sell.