19 Suite Apartment (approximately 1978 construction).
Wood frame construction.
Brick/stucco exterior.
10 – 1 Bedrooms ( approx. 588 sq ft).
9 – 2 Bedrooms ( approx. 835 sq ft).
12 balconies.
Some newer windows and recent paint.
Washer/dryers – leased (50/50 split).
Rental Rates:
1BR $400 - $450
2BR $475 - $525
Note: Rental rates are considered below market.
Pro-Forma (2008)
Income:
Rent
107,700
Gross
107,700
Expenses
Advertising
500
Caretaker
3.000
Property Tax
11,000
Insurance
1,935
Management
5,000
R+M
9,500
Gas
12,600
Utilities (Water/Electrical)
10,200
Total Expenses
53,735 (50%)
Net Profit
53,965
Note: Based on information presented by the owner
Disclaimer: Del
Peters Realty received the above information contained
in this proforma from sources deemed reliable but do not guarantee
same. Each investor must rely on their own investigation of
the salient facts.
