NCE National Council of Exchangors
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National Council of Exchangors
CONTROL: Exclusive VALUE: $485,000
    LOAN: $360,000
    EQUITY: $125,000
TITLE: FIVE RESIDENTIAL UNITS IN CORPUS CHRISTI, TX
TYPE OF PROPERTY: Multi-Family
HAVE: Two duplexes and a single family home on three contiguous lots. leased with management in place. Plans for redevelopment but building costs put that on hold.
WEBSITE ADDRESS:
PARCEL#:    
CITY, STATE: Corpus Christi, TX COUNTY:
BENEFITS TO NEW OWNER: Income in place with upside in rents, potential redevelopment, low maintenance, passive investment.
GROSS SCHEDULED INCOME: $42,000    Actual
VACANCY LOSS: $0
GROSS EFFECTIVE INCOME: $42,000
EXPENSES: $12,600
NOI: $29,400
DEBT SERVICE: $43,200
CASH FLOW: $-13,800
CAP RATE: 6.06%
ENCUMBRANCES: BALANCE: PAYMENT: RATE: DUE: ASSUMABLE:
LOAN 1: $360,000 $3,600 12.00% 2023 Y
LOAN 2:      
BENEFITS SOUGHT: Out of the hard money loan that was used for another acquisition.
CAN ADD: Another Corpus single family home leased at $1525 per month.
REMARKS: This client will deliver this free and clear and go up, or go down and out. Hard money was placed on this for another deal and now that needs to be moved. Refi process has begun but she will move this now.
COUNSELOR: Blake Allen, EMS, CCIM
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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