Multi-Family Investment Opportunity - Value-Add

Las Vegas Apartments

Number of Units:                  20

Property Type:                       Multifamily

Total SF:                                  +/- 7,500 SF

Lot Size:                                   0.79 Acres

Year Built:                               1960

Built Type:                               Concrete Block

Unit Mix:                                 Studios (all)

Unit Sizes:                               350 SF 

  • Value-Add Opportunity

  • Spacious Units with Patios

  • Access to 95 Freeway

  • Rapid Bus Transit on Decatur

Close Proximity to:

  • Major Employment Districts

  • Downtown Las Vegas

  • Healthcare District

  • Shopping

 

This property was built in 1960 and is comprised of 20 studios with patios. This property sits on 0.79 acres right on Decatur Blvd., a major street connecting city with major employment hubs, shopping and bus transit.

Sponsor & Asset Manager, Foresight Companies plans to acquire the property as is, upgrade the units and lease them at current market rents.

Total Acquisition Cost:                     $1,012,500 | $50,625 / Unit

Asset Purchase Price:                       $750,000 | $37,500 / Unit

Rehab Cost:                                        $200,000 | $10,000 / Unit

Current Avg Rent:                              $545 / Unit

Target Rents Post Rehab:                  $625 / Unit

Proforma Rent Post Rehab:              $600 / Unit

Investment Term/Hold Period:       3 Yrs

Project Level IRR:                            73.9% Leveraged

Cash on Cash (Avg):                        14.9%

DSCR:                                                 1.69x

Preferred Equity:                               $260,719  | $13,036 / Unit

Preferred Return:                               10%

Exit Equity Multiple:                           2.03X

Lender Debt:                                       $759,375 | $ 37,690 / Unit

Equity/Debt Ratio:                             25/75

Interest Rate:                                       4.75%

Term:                                                      5 Yrs with 20 Yrs Amortization

Exit Sale Price:                                      $1,856,502 | $92,825

Exit Cap Rate:                                        6%

Open Escrow & Contract                                                     Monday, May 24, 2021

Ernest Money Deposit                                                           Thursday, May 27, 2021

Market Rent Study                                                                  Thursday, July 1, 2021

Rehab Analysis                                                                          Thursday, July 15, 2021

Due Diligence Ends                                                                  Thursday, July 22, 2021

Preferred Equity In Place                                                        Thursday, July 22, 2021

Legal & Lender DD                                                                   Friday, August 20, 2021

Close of Escrow                                                                        Monday, August 23, 2021

Rehabilitation Begins                                                                Wednesday, September 1, 2021