exclusive multifamily offering...exclusive multifamily offering offering summary price $2,995,000...
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EXCLUSIVE MULTIFAMILY OFFERINGEXCLUSIVE MULTIFAMILY OFFERING
OFFERING SUMMARYPrice $2,995,000Down Payment 20% / $599,000Loan Amount $2,396,000
Loan Type Proposed NewInterest Rate / Amortization 3.25% / 30 Years
Units 15Price Per Unit $199,667Rentable SF 9,330Price Per Rentable SF $321Year Built/Renovated 2011
56 13TH AVE, PATERSON, NJ 0750415 APARTMENT UNITS
INVESTMENT HIGHLIGHTS
ASSET PERFORMANCE DATA
CURRENT YEAR 1
CAP Rate 5.74% 7.43%Net Operating Income $172,052 $222,578Net Cash Flow After Debt Service 7.83% / $46,921 16.27% / $97,447Total Return 15.84% / $94,892 24.54% / $147,001GRM 11.54 9.56
EXCLUSIVELY LISTED BY:Daniel AvilesSenior AssociateMember, National Multi Housing GroupTel: (201) 742-6148License: NJ [email protected]
§ 2011 Construction
§ Separately Metered Utilities Including Water
§ 16.27 Proforma Cash on Cash
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0280373 Property ID: 5314266)
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EXCLUSIVE MULTIFAMILY OFFERING
UNIT MIX
UNIT COUNT UNIT TYPE
AVERAGE.SQUARE FEET
CURRENT AVG. RENT
AVERAGERENT/SF
MONTHLY INCOME
POTENTIAL RENTS
AVERAGE RENT/SF
MONTHLY INCOME
3 Two Bedroom 650 $1,540 $2.37 $4,620 $1,900 $2.92 $5,700
12 One Bedroom 615 $1,417 $2.30 $17,004 $1,700 $2.76 $20,400
EXPENSES
Real Estate Taxes $46,755 $46,755
Insurance $4,860 $4,860
Utilities - PSEG $3,592 $3,592
Utilities - Water $1,360 $1,360
Utilities - Sewer $1,975 $1,975
Elevator $1,920 $1,920
Repairs & Maintenance $6,000 $6,000
Fire Alarm/Inspections $550 $550
Payroll $3,600 $3,600
Operating Reserves $1,500 $1,500
Management Fee $7,551 $9,114
Total Expenses $79,663 $81,226
Expenses Per Unit $5,311 $5,415
Expenses Per SF $8.54 $8.71
EXCLUSIVE MULTIFAMILY OFFERING
101 West Elm Street, Suite 600, Conshocken, PA 19428 | Tel (215) 531-7000 Fax: (215) 531-7010
OPERATING DATA
CURRENT YEAR 1
Gross Potential Rent $313,200 $313,200
Loss / Gain to Lease ($53,700)
Loss / Gain to Lease % 17.15% 0.00%
Gross Current Rent $259,500 $313,200
Total Vacancy ($7,785) ($9,396)
Total Vacancy % 3.00% 3.00%
Effective Rental Income $251,715 $303,804
Effective Gross Income $251,715 $303,804
Less Expenses ($79,663) ($81,226)
Less Expenses % 31.65% 26.74%
Net Operating Income $172,052 $222,578
Cash Flow $172,052 $222,578
Debt Service $125,131 $125,131
Debt Service Ratio 1.37 1.78
Net Cash Flow After Debt Service $46,921 $97,447
Net Cash Flow After Debt Service % 7.83% 16.27%
Principal Reduction $47,971 $49,553
Total Return $94,892 $147,001
56 13TH AVE, PATERSON, NJ 0750415 APARTMENT UNITS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0280373 Property ID: 5314266)