🏡☀️ 4 Unit In 29 Palms! | 12bd/8 bth | OFF-MARKET! ☀️🏡

Description

FIRST COME FIRST SERVE

✅ ASKING PRICE: $750,000

DESCRIPTION:
4 Unit

Each unit is a 3/2

Each unit is 1,280 Sqft

LOT SIZE: 0.54 acres

YEAR BUILT: 2005

PROPERTY PERKS:

Seller is selling the property because his dad is moving from the midwest to california/ seller doesn’t carry any debt on the property so hes open to cashing it our doing seller finance

Property is fully turnkey

Currently 3/4 doors occupied (4th occupied by end of month in case they dont sell)

Current Income: (based on full occupancy)

$6,600/mo

Expense Ratio: 40%

$2660/mo

Monthly Expense breakdown:

$1149/mo maintenance

$165 Insurance

$35 Water and Trash

$330 vacancy (5%)

$330 capex (5%)

$0 property management. Seller owns the property management company

Upside:

Section 8 Rentals.

SB County Voucher is paying 1900/mo per unit, guaranteed for 5 years.

Raise rents from 6600 – 7600/mo. Assuming 40% expense ratio,

NOI: $54,720/yr

Cap Rate: 7% Based on 750k Purchase price

Ideal buyer, 1031 exchange buyer or long term landlord

SELLER CARRY TERMS:

30% down

5 year carry

8% interest

Buyer pays 2 points origination fee

And covers their own escrow

30 year amortization