Bradenton, Florida 8-plex $156k Ready To Sell

Price:  $156,000 plus closing costs of approximately $3000.  Down payment requirement at time of contract signing it $6,000.

Structure and Layout:
Property consists of four 2/2’s, four efficiencies.   Total rentable A/C space is 5,733 square feet.  This is a concrete block building built in 1974.  Six units are downstairs, two are on the second floor.  The two upstairs units are 2/2’s and have central A/C.  The rest of the apartments have window units

Income:
There are two vacancies right now.  At full occupancy, property generates just over $4,000 per month, with $4400 per month being a reasonable goal.  The tenants are on month to month leases. The manager lives in a 2/2 but pays $450 for maintaining the property, collecting rent, etc. There are separate electric meters and each tenant pays their bill. The water bill is paid by the owner.  

Expenses:
Water bill averages $400 per month for the owner to pay,  2010 taxes are $4395. Insurance averages $5k to $7k per year depending on carrier and deductibles.  Call for further information.

Amenities:
There are designated parking spaces in front for each unit and several guest spots on the side. The four 2/2 units have interior laundry hook-ups through the kitchens.  Property is located only 4 miles from the beaches.

Condition:
Roof has some life in it.  Exterior is cosmetically up to neighborhood standards.  Apartments are in average condition.  Two units need carpet.  Evidence of a water leak from an upstairs unit into a downstairs unit is visible but the on-site manager reports that it has been repaired. There are some minor drywall repairs that need to be made but the units all appear to be in rentable condition.

Conditions of Sale:

We are looking for a buyer that can close October 8th.  $6,000 down payment on assignment is required.  A $10,000 down payment earns a price reduction to $152k.   We will fully cooperate with inspection requests.  We would like interested buyers to bring along any required  inspectors/advisors/financing entities to view the property.

Drive by any time, but DO NOT BOTHER THE TENANTS.

If you have any questions or want to see the inside please call: (941) 628-3891 Malendaz Coleman Real Estate Investor / Online Business and Marketing Coach Malendaz Coleman Direct: 941 628 3891 Email: admin@brothers3int.com Investor Alert Deal Blog Add me as a friend on http://www.Facebook.com/malendaz Start following me on http://Twitter.com/123cashnow