$ 10,298,700.00
THIS IS A "B" PROPERTY IN AN "A" LOCATION
This is above a 9% CAP with upside.
This 100 %-occupied Class B asset is located in the prosperous industrial
suburban Houston community of Texas. The city is
well known as the refinery center of Texas, where giants such as
ExxonMobil operate some of the largest plants in the United States.
Built in 1982, and later renovated in 2003, the property consists of 276
units and is situated on 12.46 acres
We have February rent roll and financials from July to December. The Seller does not do t12 format.
The Seller based on 93% occupancy has an NOI of $880k. The NOI is much higher now being 100% occupied, and those down units are also getting more rent then the others.
This property Is 100% full. During the winter month the Seller got 22 down units from a fire back up and those units are getting $40 to $60 dollars more per rent a month.
Also the competition in the market place is getting about 10 to 15 cents more for their units, and Cedar Ridge has larger units. .... AND THEY ARE 100% FULL WITH WAITING LIST.
The Seller based on 93% occupancy has an NOI of $880k. The NOI is much higher now being 100% occupied, and those down units are also getting more rent then the others.
This property Is 100% full. During the winter month the Seller got 22 down units from a fire back up and those units are getting $40 to $60 dollars more per rent a month.
Also the competition in the market place is getting about 10 to 15 cents more for their units, and Cedar Ridge has larger units. .... AND THEY ARE 100% FULL WITH WAITING LIST.
The
owner had to change systems that does his financials so we should have
January/February in a few days.
His expenses are high in that he has:
Bookkeeping $1,775
His manger gets paid more because she manages his other properties,
he used to have 6-7 in TX
His management fee is over 6%
His maintenance & repairs contain cap ex that his auditor broke out
They do not format in a trailing 12 month.
The price is firm.
Since
that time the down units were repaired, it is full and the rents have
been raised $30 on the one bedrooms and $50/mo on the 2&3 br, on the
units that were rehabbed due to the fire
All the repair work has been completed.
Property has a wait list to rent units at this time.
TO MOVE FORWARD: WE MUST HAVE A NDA SIGNED
, PLEASE CALL AND REQUEST IT.
We have RR. Market Report, Financial. Income Statements
- BUYER AND BUYER'S AGENT/CONSULTANT
-SELLER ASSET SPECIFIC NCND AND MASTER FEE AGREEMENT
- BUYER SIGNED ASSET SPECIFIC LETTER OF INTENT.
- BUYER'S COMPANY WEBSITE OF RETAIL CENTERS IN THEIR PORTFOLIO.
- THE BUYER MAY PROOF UP TO THE SELLERS SIDE DIRECTLY.
- BUYER IS ENCOURAGED TO PROVIDE A PROOF OF FUNDS WITH THIS BUYER'S PACKAGE.
- BUYER SIGNED ASSET SPECIFIC LETTER OF INTENT.
- BUYER'S COMPANY WEBSITE OF RETAIL CENTERS IN THEIR PORTFOLIO.
- THE BUYER MAY PROOF UP TO THE SELLERS SIDE DIRECTLY.
- BUYER IS ENCOURAGED TO PROVIDE A PROOF OF FUNDS WITH THIS BUYER'S PACKAGE.
