ESTABLISHED AREA, 1,069 MULTI-FAMILY UNITS IN ATLANTA , GEORGIA
PURCHASE PRICE HAS BEEN REDUCED FROM $17.680m TO $13,604,000.00 ($12,725.91 FOR THE BUYERS PER UNIT)
THIS IS A CLASS C- ASSET IN A CLASS C- NEIGHBORHOOD....THIS
ASSET HAS A HUD SECTION 8 CONTRACT, WHICH IS A MAJOR BENEFIT TO
THE NEW OWNER
THIS IS A TRUE VALUE ADDED ASSET
THIS IS A HUGE 1,069 UNIT ASSET....570 UNITS ARE OCCUPIED, 241 ARE VACANT AND 258 UNITS ARE DOWN FOR REPAIRS/RENOVATIONS
THIS IS NOT A CAP RATE SALE....THIS IS A BUY, RE-POSITION, FIXUP, STABILIZE AND COLLECT BIG TIME TYPE OF PURCHASE
THIS ASSET HAS A HUD SECTION 8 CONTRACT
OCCUPANCY RATE IS 53%
CURRENT MONTHLY GROSS RENT IS $319,794.65
SCENARIO:
BASED ON 100% OCCUPANCY AND EACH UNIT GETTING $500 PER MONTH RENT
(MARKET RENT), THAT WOULD EQUAL $534,500 GROSS RENT PER MONTH OR
$6,414,000 ANNUALLY. ONCE STABILIZED, USING 40% PER YEAR AS YEARLY
EXPENSES, THAT WORKS OUT TO $3,848,400 AS NET OPERATING INCOME.
PURCHASING THIS MEGA MONSTER AT $12,700,000 AND DIVIDING THE NOI BY THE
PURCHASE PRICE, PROVIDES THE NEW OWNER WITH A CAP RATE OF.........30.3%
DISCLOSURE: THE SALE OF THIS ASSET IS AN ASSIGNMMENT OF CONTRACT. THE ASSIGNOR HAS "HARD MONEY"
IN ESCROW, WHICH IS A MAJOR STABILIZING FACTOR TO THE ASSIGNEE GOING
FORWARD. IF THIS IS AN ISSUE FOR YOU AS A BUYER, THIS IS LETTING YOU
KNOW UPFRONT AND NOT SOMEWHERE IN THE MIDDLE OF THE TRANSACTION.
TO MOVE FORWARD: MUST HAVE WDNDA SIGNED.
- BUYER AND BUYER'S AGENT/CONSULTANT SIGNED ASSET SPECIFIC NCND AND MASTER FEE AGREEMENT.
- BUYER'S COMPANY WEBSITE AND OR BUYER'S BIO OF LARGE MULTI-FAMILY ASSETS OWNED OR ACQUIRED.
- BUYER TO PROVIDE A BUYER SIGNED ASSET SPECIFIC LETTER OF INTENT.
- BUYER IS ENCOURAGE TO PROVIDE A VERIFIABLE PROOF OF FUNDS WITH THIS BUYER'S PACKAGE OR THE BUYER MAY PROOF UP TO THE SELLER'S SIDE DIRECTLY.
