MLS Number 72361206
- Commercial 5+ Residential
- Year Built 1900
RARE BRASS RING, Assemblage of Multi Family Investment Property with one entrepreneur. Consisting of 33 Locations and 64 Total Units, 7-SFR, 22-Two Family, 3-Three Family & 1-Four-Family. 100% Occupied & deleaded all within a few mile radius of MGM Casino & each other. Gross Operating Income=$690,864, Expenses=$275,836, Net Operating Income=$415,028, Projected Annual Debt Service=$238,740, Cash Flow Before Taxes=$176,288, Debt Coverage Ratio=1.74, CAP Rate=10%, Cash on Cash Return=21.25%. Seller's goal is to own non-residential commercial real estate and would consider accepting trade for all or part of this residential property assemblage. Realtor.com Estimated Value $4,220,600. City Assessed Value $3,921,900. MLS average price per sq. ft of SOLD property=$4,478,160 value. MLS Avg. Sale$: $151,334 x 33 =$4,994,022 value. What this indicates is purchasing this package a 10% CAP Rate leaves meat on the bone. $64,839 per unit average is a steal on the Single Families.
Listed by Mark DiFranco of DiFranco Realty