Property Type:
Residential Income
Square Footage:
22,400
Lot Size (sq. ft.):
27,443
Status:
Closed
Current Price:
$2,550,000
List Date:
9/08/2015
Last Modified:
8/16/2017
Description
This 24 unit property is a best of class mixed use property, developed and built by local developer, Michael Dreskin in 2014-2015.
This gated community was built with the millennial generation in mind offering hip, cool and colorful interiors, large balcony areas, spacious common areas, elevator, and so much more. The construction is of a caliber to support a future condo-conversion.
The average apartment rent is $879 per unit or $0.94/sf, with an ask price of $2.55M this offers an astute investor a 6.00% Cap rate, and a 7.56% Cap rate, 13.06% cash on cash, based on proforma income.
Don' t miss out in this rare opportunity to own a new construction community with after tax internal rate of return of 14.9%
Listing Office: NM Apartment Advisors, Inc.
Last Updated: August - 16 - 2017
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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