Need investor for a 28 unit apartment complex. - Posted by Todd

Posted by Todd on January 02, 2001 at 17:48:30:

I believe I found an excellent investment property.

Asking price: $680,000
Assessed Value: 596,200
Annual gross rent: $124,920
Annual real estate taxes: $17,765
Units: 28 (2 bedroom)
Quarterly utility bill (average):$605
Average rental per unit: $371

2 bedroom units in this area rent for $400-$450. The realtor and I both agree that there should be a rent increase. If increased to $400 per unit the annual gross rent would be $134,400. I am looking for an investor(s) to purchase the property and hire me as the property manager.