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
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Value-Add Opportunity
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Spacious Units with Patios
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Access to 95 Freeway
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Rapid Bus Transit on Decatur
Close Proximity to:
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Major Employment Districts
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Downtown Las Vegas
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Healthcare District
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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