Investment Income
As stated by the seller. Cap rate is NOI ÷ asking price. Verify all figures before buying.
About This Property
Apartment complex in Laredo's Eastern Division, built in 1983, with about 4,756 sq ft of living area. Brick veneer and vinyl siding, window-unit heat and air, laminate wood floors, composition shingle roof, partial chain-link fence, and on-site and street parking. One-bedroom units include a refrigerator and range. Occupancy is 95–100% with monthly rentals; the owner pays water. Owner financing: 20% down, 10% interest, 20-year amortization, 5-year balloon payment. Income & expenses (operating statement provided by the listing agent): - 10 one-bedroom units - Gross potential rent: $7,300/month ($87,600/year) - Less 3% vacancy and credit loss: effective gross income $84,972/year - Operating expenses: $25,465/year (real estate taxes $7,273, insurance $4,487, water $7,056, management $4,249, maintenance $1,200, reserves $1,200) - Net operating income: $59,507/year Contact Lolis for the full operating statement.
Location
1001 Reynolds St, Laredo, TX 78040
Owner Finance Terms
Owner finance agreements are subject to state and local laws. Always consult a licensed real estate attorney in TX before signing any agreement.
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