5 unit: 714 W Cross St, Anderson, IN 46011 Assigned

  • $235000
  • 11 beds
  • 6 baths

Property Description:

5 unit multi family property.  4 units are in the ‘L Shaped’ Building at the front and there is a 3 bedroom 1 bathroom SFH at the back of the lot.  All 5 units are currently rented!  Roof was replaced less than 2 years ago.  2 minute walking distance to Anderson Community Hospital. 

The property is currently at a 10% cap rate with a NOI of $21,300.  Potential to raise rents and increase NOI to $31,650 and sell at a 6.5% cap rate after some minor upgrades.

 

ARV: $485,000 +

You have finished upgrading all units, raised rents and charged tenants with utilities.  This turn key multifamily property is now value at a 6.5% Cap rate and has an NOI of $31,650 to bring the value to $486,923.  Purchase + Rehab = $295,000 = Equity created $ $191,923.

 

Rehab: 

1 of the units has just had new paint and carpet since there was a tenant turnover.  The rest of the units are in fine condition but need some updates to bring them up to market rent and increase the NOI.  Based on the current condition, each unit could use $10-12k of renovations for a total of $50-60k.  

Income:

Unit A – 3BD/2BA

Current rent: $700 Potential rent: $1100

 

Units B, C, D, E – 2BD/1BA

Current rents: $600 Potential rent: $750

 

Photos:

https://www.dropbox.com/sh/3zz9jalph5napdw/AADv3n9qxNOcX_PnZYC0uOCsa?dl=0

Price:
$235000
Address:
714 W Cross St, Anderson, IN 46011
Bedrooms:
11
Bathrooms:
6
Terms:
Assignment of Contract
Property Type:
Multi-family

Call (833) 457 -1476 for more details

Property Location