Sale as individual units in future | 211 E Mizpah Cir
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Sale as individual units in future 211 E Mizpah Cir
30 Unit Apartment Building $2,100,000 ($70,000/Unit) 5.85% Cap Rate Tonopah, NV 89049
Investment Highlights
- 30 Units Apartment complex for sale
- Added value,
- each are individual Townhome
- each unit about 1100 sq ft
Executive Summary
Added Value!
Price reduction!!
couple of the building need new roof, and paving of the interior driveway and landscaping maybe needed,
low rent only $500.00 per units per month, each pays there own utilities, zoned as individual Townhomes
Each unit is 2 bedrooms and 1.5 bath 2 story, fireplace, living, dining room, area, breakfast bar, laundry area, patio storage shield.
Each unit about 1100 sq ft
Rent for a averaging for 1 bedroom 1 bath $700.00 average for 2 bedroom and 1 bath $ 800.00
lots of upside potential, I proforma at a rent of $675.00 per month
Asking $2,100,000
Proforma cap rate 8.86%
More:
Also been talking with the mapping department and planning these unit could be sold individually in the future with by a new survey, there would be some work involved like , survey the whole property for a subdivision and then each individual unit, CC&R’s however might be a nice benefit in the future.
Price reduction!!
couple of the building need new roof, and paving of the interior driveway and landscaping maybe needed,
low rent only $500.00 per units per month, each pays there own utilities, zoned as individual Townhomes
Each unit is 2 bedrooms and 1.5 bath 2 story, fireplace, living, dining room, area, breakfast bar, laundry area, patio storage shield.
Each unit about 1100 sq ft
Rent for a averaging for 1 bedroom 1 bath $700.00 average for 2 bedroom and 1 bath $ 800.00
lots of upside potential, I proforma at a rent of $675.00 per month
Asking $2,100,000
Proforma cap rate 8.86%
More:
Also been talking with the mapping department and planning these unit could be sold individually in the future with by a new survey, there would be some work involved like , survey the whole property for a subdivision and then each individual unit, CC&R’s however might be a nice benefit in the future.
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$243,000
|
$7.15
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,290
|
$0.21
|
| Effective Gross Income |
$235,710
|
$6.93
|
| Taxes |
$11,214
|
$0.33
|
| Operating Expenses |
$38,400
|
$1.13
|
| Total Expenses |
$49,614
|
$1.46
|
| Net Operating Income |
$186,096
|
$5.47
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $243,000 |
| Annual Per SF | $7.15 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $7,290 |
| Annual Per SF | $0.21 |
| Effective Gross Income | |
|---|---|
| Annual | $235,710 |
| Annual Per SF | $6.93 |
| Taxes | |
|---|---|
| Annual | $11,214 |
| Annual Per SF | $0.33 |
| Operating Expenses | |
|---|---|
| Annual | $38,400 |
| Annual Per SF | $1.13 |
| Total Expenses | |
|---|---|
| Annual | $49,614 |
| Annual Per SF | $1.46 |
| Net Operating Income | |
|---|---|
| Annual | $186,096 |
| Annual Per SF | $5.47 |
Property Facts
Unit Amenities
- Balcony
- Dishwasher
- Fireplace
- Storage Space
- Washer/Dryer Hookup
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 30 | $587.50 | 1,100 |
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zoning
| Zoning Code | Multi-Family (the units are also zoned as individual townhome units) |
| Multi-Family (the units are also zoned as individual townhome units) |
-
Sandy Fink, CCIM -
Sandra L Fink & Associates Inc
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Sale as individual units in future | 211 E Mizpah Cir
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