10.64% CAP RATE, 11 PROPERTY 39 UNIT ASSEMBLAGE

Multi-Family for Sale
Catylist Listing ID: 30364118
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Number of Units: 39 Units
Building Size (RSF): 29,109 SF
Gross Building Area: See Agent
Sale Price: $2,093,000
Unit Price: $53,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 1/3/2019

Overview / Comments

Unique Multi Family Assemblage of 11 properties and 39 units. The package consist of 4- Single Family Properties, 5- Two Family Properties, 1 -Three Family property and a 22 Unit Multi Family property on 334 Boston Rd (Crown Jewell). Value= $3,153,775 Potential Income= $356,900 Vacancy & Credit Loss= ($17,000). The Gross Operating Income=$339,900 Expenses=$117,227. Expenses are 35% of GOI which seems to be below market average, but because rents are above market average Expenses are in line. Net operating Income= $222,673 Proposed Annual Debt Service= $116,656 (1,650,000, 5.25% Interest, 25 Year Amortization) Cash Flow Before Taxes= $104,017, Debt Coverage Ratio=1.88 Banks like to see 1.25 DCR. Cap Rate= 10.64%, Loan to Value= 78.83%, Cash on Cash Returns= 23.48%

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $33,781 (Annual)

Additional Details

Nearest MSA: Springfield
County: Hampden
Tax ID/APN: S:01655 P:0068
Zoning: R
Percent Occupied: 100%
Property Located Between: 01109
Highway Access: Routs 91, 291, 391 20 and Mass Pike
Airports: BDL
Total Number of Buildings: 11
Property Condition: Average
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,789 140,673 274,659
Median Age: 34.53 33.59 36.31
Households: 4,019 52,380 105,808

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