Offering 50% Equity in Apartment Community

Clyde, NY (Wayne County)

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Asking Price: $108,771

Gross Revenue: $48,480

Price/Sq. Ft.: N/A

NOI: $30,456

Building SF: N/A

FF&E: N/A

Year Built: 1930

Offering 50% Equity in Apartment Community

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Property Description

I am offering 50% equity stake in a two
building portfolio consisting of 7 apartments
and 2 retail storefronts.

The properties are side-by-side. One is a 4 unit
property (pictured) and the 2nd property is a
5 unit mixed use building.

The properties are located in Clyde, N.Y. just
7 miles from the $450 million Del Lago Casino
and Interstate 90 (Exit 41).

We rehabbed the residential units and all 7
apartments are fully leased.

The properties currently generate $30,456
a year after all expenses.

We are offering equity in the properties in order
to reposition the properties as a residential
community called "Park View Place."

This requires putting in coin-op laundry for
the tenants, exterior improvements, and
rehabbing and leasing the 2 commercial units.

The plan is to complete this phase in 12
months or less and sell the properties for
a profit.

Using a 14 CAP valuation the properties
are currently worth $217,542.

We are offering 50% equity for $108,771
and an additional commitment of $20,000
for the rehab.

Once the rehab is complete, the value of
the properties will increase to $423,054.

Upon sale of the properties you would
receive your investment back plus an
additional approximate $82,756, a return
of 164% in 12 months.

(Because the apartments are currently cash
flowing, you will also receive monthly payments
of approximately $1,250 during the rehab phase.)

Here is what is needed to reposition the properties:

1. Conversion of a utility room to a coin-op laundry
for the tenants;

2. Rehab and lease commercial store fronts.

3. Rehab and lease final 2 residential apartments
that are receiving under market rent.

4. Improve exterior and curb appeal of both
properties in order to raise rents.

5. Signage and branding as "Park View Place".

I have a reliable team and can complete the
necessary rehab in 3 months and get the properties
listed for sale.

If interested, please call Ben to discuss: 585-732-6519.

Attached Documents


Detailed Information

Location:
Clyde, NY
Type:
Multi-Family
Building Status:
Established
Facilities:
Two properties: 4,300 square feet and 3,700 square feet. 7 apartments (fully occupied). 2 commercial units. Some units have all new vinyl windows, new flooring, new appliances.
Reason for Selling:
Capital is needed to complete the final phase of the rehab and cash out.
Current Property Expenses:
Gross monthly income: $4040 Maintenance (6%): $242 Utilities: $335 Insurance: $313 Taxes: $410 Vacancy (5%): $202 Total Expenses: $1,502 Net monthly income: $2,538
Location Description:
Located on Glasgow Street, considered the Main Street in the Village of Clyde. Quiet village setting across from the Park, 7 miles from $450 million Del Lago Casino, Interstate 90 (Exit 41), and the Waterloo Outlet Shopping Center.
Current and Prior Use:
7 residential apartments fully rented. 2 commercial storefronts to be renovated for office and/or salon use.
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Property Listed By:
Ben Moskel

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