Multi Family Residence
COE: January 16th 2025
Current Cap Rate: ~7%
Proforma Cap Rate: ~10%
Current NOI: $183,586.58
Proforma NOI: $344,026.58
EMD: 100k
Title: Ticore Title
Unit Mix: All units are 2-Bedrooms, 1-bath configurations (3 of the 14 units have been renovated)
Lot Size: 12,808 sq ft
Water Heater: Brand new water heater system for the entire building ($80,000 upgrade)
100% Occupancy: Stable tenants with minimal turnover
Utilities: Separately metered for electricity and gas; tenants also responsible for trash
Parking: 13 of the 14 units feature assigned parking spaces
Laundry: On-site laundry facility for added tenant convenience
Earthquake Retrofit: Completed with a $200,000 investment, ensuring enhanced safety and compliance
This property is part of a larger portfolio being sold by a long-term landlord in their 80s, offering a rare chance to acquire a well-located asset with significant upside. With rents below market and minimal recent updates outside of the major improvements (new water heater system and earthquake retrofitting), there is ample opportunity to increase NOI through strategic renovations, unit upgrades, and optimized property management. Investors can capitalize on this opportunity to modernize the building, increase rents to market levels, and unlock the property’s full potential.
There are attached photos of the renovated units
Wholesale Price: $2,600,000
CALL OR TEXT (480) 210-2120
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Disclaimer:
House is being sold as-is, and the buyer is to pay all closing costs. 100K EMD. Non-Refundable earnest money to be deposited within the same business day contract is executed or the contract will be canceled. Buyer must close with cash or a hard money loan.
The buyer is not relying on any representations, whether written or oral, regarding the properties above. Price based on a cash or hard money offer and is net to seller. Buyers to do their own independent due diligence.
Buyer must do your own due diligence, evaluation and inspection prior to making an offer. Determining value is the buyer’s responsibility. Seller strongly recommends buyers employ an Investment Realtor to help determine value. Any reference to the value of a property by the Seller or any representative of the Seller is an opinion of value. Everyone has a differing opinion on value, cost of construction, materials, quality of workmanship and market speculation. Value is ultimately the buyer’s responsibility and they should be diligent in determining market value.
REALTORS:
If you are currently working with a client, and wish to receive a commission, please note that the wholesale price does not include your commission. You may want to negotiate a commission with your client separate from the wholesale price or you may adjust the wholesale price upwards to include your commission.
WHOLESALERS:
If you’d like to JV on this deal send us a text message, email, or call to let us know you are going to be sharing our deal with your investors.
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