TITLE:
FOUNTAIN, CO TINY 4PLEX
CONTROL:
Owner
VALUE:
$500,000
LOAN:
$381,000
EQUITY:
$119,000
TYPE:
Multi-Family
HAVE:
Fourplex of studio units in Fountain. Rents are $895 plus utilities and they always stay full. Very low expenses.
ADDRESS:
238 W. Iowa st, Fountain, Colorado
BENEFITS TO NEW OWNER:
Easy to lease fourplex with one unit vacant for a potential owner occupant. Easy income with little historic vacancy. No deferred maintenance, just mailbox money. Can be absolute NNN with an option.
GROSS SCHEDULED INCOME:
$44,285 Actual
VACANCY LOSS:
$1,800
GROSS EFFECTIVE INCOME:
$42,485
EXPENSES:
$13,263
NOI:
$29,222
DEBT SERVICE:
$21,600
CASH FLOW:
$7,622
CAP RATE:
5.84%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$381,000
$1,800
6%
12/31/2023
No
BENEFITS SOUGHT:
Cash sale to complete a sale/leaseback/option deal for a 1031 client.
CAN ADD:
Lot at 0 Pine Ridge--asking $60k, will take considerably less if it comes with the sale of this property.
REMARKS:
I did a sale/leaseback/buyback deal with a client during the pandemic and this is the back end of that deal. I need to buy this back, along with the lot on Pine Ridge. I can trade into other crankable property but this client is going down and out with
COUNSELOR:
Blake Allen
Allen Realty
108 Canon Ave
Manitou Springs, Colorado, 80829
