Investment Income
Actual 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 Western Division, built in 1992, with about 3,646 sq ft of living area. Stucco construction, central electric heat and air, laminate wood floors, composition shingle roof, partial masonry fence, and on-site and street parking. One- and two-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 (actual income, per the operating statement provided by the listing agent): - 6 units: four 2-bedroom and two 1-bedroom apartments - Gross potential rent: $4,175/month ($50,100/year) - Less 3% vacancy and credit loss: effective gross income $48,597/year - Operating expenses: $16,410/year (real estate taxes $4,200, insurance $3,900, utilities $4,380, management $2,430, reserves $900, maintenance $600) - Net operating income: $32,187/year Contact Lolis for the full operating statement.
Location
1702 Iturbide 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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