65 units for sale off-market in Berrien County, Michigan
The property has undergone significant renovations including units with vinyl flooring, fully equipped kitchens with black or stainless-steel appliances, and washer/dryer connections for select units
Turning over older leases to market rents being achieved by other units and leasing the property to market-level occupancy would bring the NOI to $278,200
This includes a tax and insurance increase for a new owner
An annualized 10% cash-on-cash can be achieved after a refinance with a new loan that is DSCR and LTV constrained
Over 160 multi-family units for sale in Brooklyn, NY
The properties consist of 3 separate elevator apartment buildings located in southcentral and southwest neighborhoods of BK
The assets can be sold separately or together
This is a rare opportunity to acquire well maintained properties in a supply constrained market, with artificially below market rents, substantially below replacement cost
There is significant long-term upside, along with a mix of free-market units, and a large portion of units operating on preferential rents
The property is a mix of 1 BR, 2 BR, and 3 BR units
1970s vintage, but the majority of units have been updated to include a combination of the following upgrades: new windows, stainless steel appliances, granite countertops, oak cabinets, new tub/shower, tile flooring, and in unit washer/dryer.
The opportunity is priced at a 6.23% in-place cap rate based on 2022 financials