Remarks

This is the perfect property for a true owner/operator. Make a low cash investment and allow the benefits of subsidies to provide stability to your leveraged operations. There are many rules to follow, but the reward for you can be multiple financial benefits that result in great returns, especially compared to the very low risk that the subsidies maintain! Mixed financing at an effective rate of just under 2% can be verified in the 17-year financial history. Based on listing price, the subsidies yield a GRM of 5, and a look under the covers reveals a Cap. Rate just under 6%. With the low-cost financing that is already in place to be assumed, the net cash returns are in the 10% range. Furthermore, this property has enjoyed full occupancy for the past 17 years of current ownership, and a tenant waiting list is consistently many months long. The USDA program rules can be complex; but the owner has agreed to assist as necessary to assure that you meet the management requirements of the ownership transition and understand just how this property can perform for you.

Details

MLS#: 2516296
Price: $789,000

Style: 2 story above ground, Apartment, Commercial
Bedrooms: 14
Baths Full: 0
Baths Half: 0
Sq Ft: 14880
Year Built: 1989

County: Custer
Subdivision: Adams Addition
Tax Fee: 1334