EXCLUSIVE WHOLESALE DEAL - ACT NOW
Marketing to Assign Contract πΌ
Asking Price: $3,175,000
Financial
NOI: $251,902
CAP Rate: 7.34%
Total Return Year 1: 8.81%
Price/SF: $75,83
Rent/SF: $1.11
Price/Unit: $56,696
Property Details
Rentable Sqft: 41,868
#of Units: 56
Lot Size: 40,510 Sq.ft.
Occupancy: 96%
Year Built: 1979
Unit Breakdown
1 Bed/1 Bath: 26 Units
2 Bed/1 Bath: 2 Units
2 Bed/2 Bath: 28 Units
3 Buildings Total
Koberlin Apartments constructed in 1979 features one and two-bedroom units in four (4) different floorplans. The One-Bedroom are offered in floorplans that range from 495 square feet to 576 square feet and the Two-Bedroom floorplans range from 725 square feet to 926 square feet with one and two bathroom options. The community offers on-site leasing office, laundry facility and off-street parking. Residents are currently responsible for their own electric. The current utilities paid by the owner are water/sewer, trash, gas, common area electric.
All units feature fully equipped kitchens with full size refrigerator, dish-washer and electric stoves. The property contains multiple 100-gallon water heaters. The One-Bedroom units and Two-Bedroom/One-Bath units feature a wall cooling/heating unit. The Two-Bedroom/Two-Bath units feature Central Heating & Cooling.
Assumable Financing Option
3.82% Interest
August 2032 Maturity
$1,600,000 Assumable Note
Suplimental Financing Option
Investment Rationale
As is, the current rents for One-Bedroom units at Koberlin are averaging $75-$100 below market and $100-$150 below market for Two-Bedroom units. A new investor has the opportunity to increase rents to current market rates as leases expire. Some Value-Add opportunities include RUBS on Water/Sewer, Gas and Trash. The multiple value-add opportunities and Koberlin's prime location will offer a new investor a quality asset to add to their portfolio for years to come.
Other Info
- Roofs installed in 2020 (1 year left on roof warranty)
- Parking lots resurfaced in 2021
- Three (3) 100-gallon water heaters recently installed.
- On-site Office
- On-Site Laundry Room, no contract w/ 3rd party. They are owned by the property.
- Adjacent from the largest hospital in the Region
- Option to Assume $1.6M of Debt at 3.82% for 8yr due in 2032
ACCESS: By Appointment
Give Tom A Call πor a Text π² for more info!
254-312-2796
Tom@alliedhousebuyers.com
Buyer Guidelines for Purchasing
π΅ $31,750 Earnest Money Deposit (EMD) - non-negotiable
π Buyer pays all closing costs
π‘ Site unseen offers welcomed, considered, and accepted
π Highest and best offers taken after a scheduled showing
*Do not disturb occupants or walk on property. Trespassing is a criminal offense.
***DO NOT re-market this property under any circumstance without consent. Allied Advantage Property Group LLC is a principal in all assets that we market for sale and will vigorously defend our position in a court of law.*** All information and estimates are provided as a courtesy and should be confirmed by the Buyer. Allied Advantage and its associates are not liable for the accuracy of the information.
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