TITLE:
5 RESIDENTIAL UNITS IN MANITOU SPRINGS
CONTROL:
Owner
VALUE:
$900,000
LOAN:
$750,000
EQUITY:
$150,000
TYPE:
Multi-Family
HAVE:
5 units in 4 cabins at the West end of Manitou Ave in highly sought Manitou Springs. "A" bag property for me. Property value is about $1MM.
ADDRESS:
1301 Manitou Ave, Manitou Springs, Colorado
BENEFITS TO NEW OWNER:
Cash Flow. Always-leased properties with local management in place. High demand in this market. Two garages can be rented out. I will happily lease this back at a 10% IRR.
GROSS SCHEDULED INCOME:
$66,960 Actual
VACANCY LOSS:
$3,000
GROSS EFFECTIVE INCOME:
$63,960
EXPENSES:
$15,826
NOI:
$48,134
DEBT SERVICE:
$84,108
CASH FLOW:
$-35,974
CAP RATE:
5.35%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$750,000
$7,009
12%
12/31/1969
No
BENEFITS SOUGHT:
Debt Consolidation.
CAN ADD:
More income property. Lots of land, Notes, liquor store, cash.
REMARKS:
If I lease it back, it is part of my own estate planning. I will buy this back and keep it and depreciate it for 27 more years, collecting rent all the while.
COUNSELOR:
Blake Allen
Allen Realty
108 Canon Ave
Manitou Springs, Colorado, 80829
