TITLE:
Riverside 24 unit Multi Family
CONTROL:
Partner
VALUE:
$1,150,000
LOAN:
$0
EQUITY:
$1,150,000
TYPE:
Multi-Family
HAVE:
24 unit multi family property on the Ohio River but not in the flood plain. Upside left in rents as about half need updates. Private water and sewer and owner responsible for oil heat and electric.
ADDRESS:
6171 Riverside Dr, Burlington, Kentucky
BENEFITS TO NEW OWNER:
Nice cash flow property with upside in rents. Also additional land to develop. City water is on the way.
GROSS SCHEDULED INCOME:
$263,664 Projected
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$263,664
EXPENSES:
$169,248
NOI:
$94,416
DEBT SERVICE:
$0
CASH FLOW:
$94,416
CAP RATE:
8.21%
BENEFITS SOUGHT:
Partners want to move up into something larger.
REMARKS:
City water is on RT18 and will be coming to property within the year. ALso, broker will stay in as partner (is a partner now), continue to mange the property and be the water plant operator.
COUNSELOR:
Jim Carmichael
Berkshire Hathaway Commercial Real Estate
2320 Grandview Drive
Fort Mitchell, Kentucky, 41017
