Cash buyer needed for 96 Unit Apartment complex -- 15% Cap Rate at 90% occupancy!

I have a deal under contract to purchase a 96 Unit apartment complex in Adelanto, California.  It is a short sale situation and everything has been set up to close quickly.  The price is $2.5M non negotiable.  Current occupancy is 69%.  The property was the victim of a poor operator.  A new operator can come in, spend about $70,000 to get the place fully rent ready and increase the occupancy.  This is in the high desert MSA with a population of about 300,000.  Current NOI is about $215,000.  NOI at 90% occupancy would be about $371,000 -- a 14.84% cap rate!  Pro forma NOI (100% occupancy) is $442,000 -- 17.68% Cap Rate!  This is a good deal for a true investor that's willing to put the 6 months to a year into the property to get it running correctly.  Please remember, this is an all cash deal and we can only deal with principals.  If you know someone that would be interested, we can talk but remember time is short.  This must close before the end of the month no exceptions.  Call me at (702)628-7404 or send me a message on here.  Thanks for looking!

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What's your role? We have the ability to close all cash quickly.
My role is trustee on the land trust.
Great but what does that have to do with the apartment you have under contract? Are you looking to assign it to us or? You don't hold title currently right?
Yes, I have it under contract and I would assign it to you.  I do not hold title.  If you would like all the information on the property let me know your e-mail address so I can send it all over.

jmoore@lacovaproperties.com

thanks.

Todd,

 

I have serious buyers for multifam.  Please send all information.  Thank you.  Assignment is fine.

 

Jared Rine

jaredrine@gmail.com

Paul,

 

I would go to Sal direct.  I appreciate it though.  A little side note, we already have a loan option available at 5.75% for 3 years (amortized over 30 years principle + interest).  Buyer would need to come up with $800,000 down and finance the rest with this option.  A bridge loan doesn't fit this property very well.  I hope you're doing well, take care.

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