Property Type:
Residential Income
Square Footage:
17,600
Lot Size (sq. ft.):
33,541
Status:
Closed
Current Price:
$1,955,736
List Date:
7/25/2023
Last Modified:
9/29/2023
Overview
Description
Measures of invest performance at the ask price of $1,955,736 and average current rents of $828 per unit, per month, include a GRM of 9.84, 5.01% cap rate and an after tax internal rate of return of 18.5%.
If rents are moved to 80% of area median income, and an average of $1,248, measures of investment performance improve to a cap rate of 9.35%, and a cash on cash of 17.11%.
The owner, Ventana Fund, is a non-profit CDFI and loan fund that specializes in the creation/preservation of affordable housing and is willing to offer financing with an initial interest rate of 3.95% , 30 year amortization, 5 year call, at 70% loan to value, with a list price offer. Financing would be subject to restrictions on allowable rents and resident income.
Recent appraisal at $2.03M
Last Updated: September - 29 - 2023
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