NCE National Council of Exchangors
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National Council of Exchangors

 




CONTROL: Exclusive VALUE: $2,500,000
    LOAN: $450,000
    EQUITY: $2,050,000
TITLE: ST. SCHOLASTICA COLLEGE ASSISTED LIVING CONVERSION
TYPE OF PROPERTY: Other
HAVE: 116,000 sq ft of improvements on 6.9 acres ready for conversion to multifamily in strong market. 42 unit dormitory and 14,000 sq ft historic home. Theater, cafeteria, gym, indoor pool, chapel all on site.
WEBSITE ADDRESS:
PARCEL#: 000099204016    
CITY, STATE: Canon City, CO COUNTY: Fremont
BENEFITS TO NEW OWNER: Value add apartment development in strong, growing market. Entitlement process underway, re-zoning complete. Lots of land to build more units. Approved for 92 units of apartments but would make better assisted living campus for seniors.
GROSS SCHEDULED INCOME: $972,000    Projected
VACANCY LOSS: $45,000
GROSS EFFECTIVE INCOME: $927,000
EXPENSES: $375,000
NOI: $552,000
DEBT SERVICE: $0
CASH FLOW: $552,000
CAP RATE: 22.08%
ENCUMBRANCES: BALANCE: PAYMENT: RATE: DUE: ASSUMABLE:
LOAN 1:      
LOAN 2:      
BENEFITS SOUGHT: Take equity to next project without having to do all the work. Looking to build portfolio. Wants cashflow now.
CAN ADD: cash, cash from new loan on target property, equity in mobile home park near Ft. Hood, TX (V$775k, D$525K), created paper, 27 Lots in Pueblo CO at $18k each w/taps paid.
REMARKS: Investor looking to move up, needs cashflow now, portfolio has been too development heavy. Will take on a project, can build from scratch--but cashflow is the benefit sought here.
COUNSELOR: Blake Allen, EMS
Allen Realty
108 Canon ave
Manitou Springs, CO 80829
Phone: (719) 685-0707
Cell: (719) 684-4123
Fax: (719) 685-0400
blakeallenrealty@gmail.com
 
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