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 1991, with about 6,866 sq ft of living area. Brick veneer construction, central electric heat and air, laminate wood floors, composition shingle roof, partial chain-link fence, and on-site parking. Two- and three-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): - 12 units - Gross potential rent: $9,250/month ($111,000/year) - Less 3% vacancy and credit loss: effective gross income $107,670/year - Operating expenses: $34,274/year (real estate taxes $15,000, insurance $7,700, management $5,384, reserves $2,507, trash $1,884, maintenance $1,200, water $600) - Net operating income: $73,396/year Contact Lolis for the full operating statement.
Location
3802 Convent Ave, Laredo, TX 78041
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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