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Apartment Building Property # 1052
Apartment Building Name:
418 Unit Apartment Building
Average Capitalization Rate (CAP): 9.05%
Asking Price: $31,000,000
Development Stage: Phase I Completed March 1996. Phase II Construction Started For Completion February, 1997.
State Located: FL
Number of Units: 418 Total Units, Ph. I & Ph. II Phase I - 240 Apartments, 84 one bedroom, 120 two bedroom, 36 three bedroom, 102 detached garages. Phase II - 178 Apartments, 48 one bedroom, 107 two bedroom, 23 three bedroom, 70 detached garages.
Rental Summary: Phase I - 150 Units of the 240 units rented, balance of 90 units to be rented within 30-60 days. Phase II - Not applicable, construction in progress. sq. ft.
Average Rents Phase I: $825.00 per unit per month - $9,900 per annum, for the mix of 1,2, & 3 bedroom units, operating expenses including property taxes - $3,200 per annum per unit, net operating rental Phase I per annum: $1,608,000. acres
Square Footage Heated & Cooled:Square Footage Phase I - 239,916 sq ft excluding garages. Square footage Phase II - 182,133 sq ft excluding garages. Total square footage phase I & II - 442,049 sq ft heated & cooled. One bedroom units - 759 sq ft each, two bedroom units - 1,093 sq ft each, three bedroom units - 1,250 sq ft each.
Investment Price for phases I:$18,000,000. Projected CAP is 8.93%. MAI Appraisal Value is $18,000,000. Closing Date: Immediate.
Investment Price for phases II:$13,000,000. Projected CAP is 9.17%. MAI Appraisal Value is $13,000,000. Closing Date: To be determined with firm letter of committment.
Request for Package & Non-Exclusive Agreement: Buyers currently under agreement in our files, simply request more information. Buyers interested
in the above Apartment Building and not yet under previous agreement, please request our agreement.
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Information contained herein has been obtained from sources that are deemed reliable. We have no reason to doubt the accuracy, however we do not guaranty it.
This Apartment Building is offered subject to prior placement, withdrawal, cancellation, or other conditions without prior notice.