Updated: Dec 28, 2020
Multifamily Investment Opportunity
19 Unit Apartment Building
Great Opportunity to own a 19 unit building in SE Washington D.C with BUILT IN EQUITY!!! All units have been renovated and look outstanding. Owner is liquidating his assets. Seller is also open to a seller financing deal.
Quick Highlights/Preliminary - Seller Financing Terms:
Down Payment- 850k
Interest Rate- 3.2% Monthly Income- $28,000 Monthly Mortgage Payment- $13,838
Appraised value- 5.3 Million
This building was converted into condominiums, so there is the option to potentially sell off each unit as an exit strategy or retain the property as a buy and hold investment. Seller recently started refinancing the property with a lender at 3% and is currently open to seller financing to purchase the property at 7.75% with 25% down and taking over the loan when that is complete (however buyer would need to pay for a 180 day extension). Another upside to this is the ability to put solar panels on the property which will could generate an additional 4K per month in income. There have been 3 separate appraisals coming in at 4.875M (that was for 18 units), however the Seller has since acquired the last unit in the building to make it 19…so the appraisal will come in at an estimated $5.3 million. Rent Rolls: https://docs.google.com/spreadsheets/d/1VAdWzqUp5qmy0ovxgKmgrT-5dDBdN08EdjxUiDqPH_o/edit#gid=886311981 Please contact me for additional information: Sarter@promiselandrealtyllc.com
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PROMISE LAND REALTY, LLC
All Off Market Properties are Sold As-Is. Buyer must do their due diligence. Sold on Warranty deed. We are selling our assignable interest. Proof Of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*