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June 23, 2008
40-Unit Apartment Building for sale in The High Desert
In spite of the downturn in the real estate market, I’ve decided to sell a 40-unit building that I own in Adelanto, California. I have priced this property at $3,390,000 for a quick sale.
Like the 2 other buildings that I posted here before (One of which sold and closed), I do not necessarily expect some Grow-a-brain reader to be the ultimate investor of this local Inland Empire building, but I'd like to offer a deal similar to the ones I did before to the many real estate bloggers (and other webmasters) who read this site: If you’re able to generate a buyer for this property, I will pay you $10,000 referral fee, at close of escrow. So please spread the word among your prospects. (And call me to receive a written, protected arrangement if you have an actual candidate looking to take advantage of today's ideal market conditions).
Here are some details regarding the subject:
The Hyde Park Apartments on 18400 Montezuma Ave, Adelanto, 92301.
Price: $3,390,000
Down payment: $ 847,500 (25%)
New financing of $2,542,500 at 10 years fixed, possibly at 6.6% interest, $13,983 per month
Gross Scheduled Rental Income: $26,600/monthly $321,600 Annually
Allowance for Vacancies & Credit Losses (3%) $ 9,648
Gross Scheduled Income $311,952
Operating Expense allowance (27%) $86,328
Net Operating Income Estimates $225,853
Current rents are 16 1/1 bedrooms @ $ 595/mo. = $ 9,520/mnth
24 2/1 bedrooms @ $ 695/mo. = $16,680/mnth
Laundry Income/mo. $ 600
Total Rents $26,800/mo. $321,600/yr.
GROSS RENT MULTIPLIER on actual rents: 10.54 Gross
CAP RATE on actual income & expense: 6.66%
This beautiful property consists of a 40-Unit Apartment project, with a good mix of 24 X 2-Bedroom /1 Bath and 16 X 1-Bedroom/1 Bath units, on a spacious 4.08 acre lot. Security gated 1-story frame and stucco construction throughout. The buildings all have pitched, shingle roofing. The project has 2 Laundry facilities, and 40 car ports, plus more parking. It was built in 1984. It is well cared-for by two trained, professional on-site managers who are dedicated to the tenants’ well-being, as well as the owner’s profitability. It’s been a good property to own, and it may continue to pay out to the next owner.
Adelanto is a small, desert city in San Bernardino County, California about 9 miles northwest of Victorville. It had been experiencing tremendous building boom in the last few years, which is expected to keep growing. A few months ago, there was a story in the LA-Times, about an unusual, new Buddhist Meditation Center that is being built now outside Adelanto, in the middle of the desert. It is being built less than 2 miles north of the apartment building, right north on the I-395.
Please share this information with your qualified prospects. Email me at realhanan (at) yahoo (dot) com, or call me on my cell for more details.
See you in escrow.
For other properties listed by my company, Census Realty See here
June 23, 2008 in Real estate, Riverside & Corona - California | Permalink
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Comments
Pools of mud?
Posted by: Joe Rouse at Jun 23, 2008 8:32:50 AM
Some nice units here and great investment for those with a lot of $$$. For those with less consider purchasing foreclosures. For a review of which of these sites is best check out governmentauctionsitereviews.com
Posted by: Doug Smith - Government Auctions at Jun 23, 2008 1:44:55 PM
Cool property! I'm hoping to get into real estate investing in the near future. I'll be starting out small though and then work my way up.
Posted by: Charger02 at Jun 23, 2008 5:26:33 PM
Cashing out, huh?
It's time.
Posted by: scott at Jun 25, 2008 6:47:01 AM
That's a pretty nice property, considering the area. My numbers say $2.5M max.
Posted by: Herb Sewell at Jun 25, 2008 5:34:58 PM
If anyone is selling an apartment building/complex consisting of 150 units or more located in the United States, we may be interested in buying.
http://www.SeriousApartmentBuyers.com
Posted by: We Buy Apartment Buildings at Jun 25, 2008 8:10:59 PM
I have a very responsive e-mail list of serious real estate investors and have been very successful at flipping property online. I'll do some initial checking over the weekend to see what kind of interest there may be in your property, then will contact you to discuss terms.
Bryan Ellis
FreeRealEstateTraining.com
Posted by: Bryan Ellis | FreeRealEstateTraining.com at Jun 27, 2008 6:35:32 PM
I would like to take you up on your offer of finding you a prospect for your property and receiving a $10,000 referral fee.
Please email me the written agreement. You can reach me at [email protected]
Thank You,
Posted by: Brent Jack at Jul 2, 2008 8:01:29 PM
Good luck with the sale bud
Posted by: Homes for sale at Jul 3, 2008 3:26:44 AM
Good luck - it looks like a great place. I have been looking for Sarasota real estate using a site called Property Maps (www.propertymaps.com) that has a great google maps tool. I have really cut down a lot of wasted time using this site - I hope it can help a fellow reader.
Posted by: Shell Smith at Jul 8, 2008 11:32:12 AM
Hi there i and good luck with the sale
Posted by: Städ at Jul 8, 2008 4:01:03 PM
Great Blog! I have been selling real estate in Provo Utah for several years and find it refreshing to find a helpful blog like yours! Keep up the good work!
Posted by: Dan Smoot at Jul 9, 2008 8:40:12 AM
Nice property. Looking for 100 units +, in Texas.
Posted by: Raul at Jul 12, 2008 9:47:18 AM
Interesting site for tips on selling you apartment complex and other ideas. Also appears to have some information on HUD and other goverment apartment building mortgages. www.apartmentbuildingsforsaletips.com
Posted by: Apartment Buildings at Jul 27, 2008 2:01:23 PM
Investors From Europe Buy Real Estate In United States
Many investor from europe and the uk are buying real estate in the united states.
I've interviewed a real estate agent in california a week ago and he was telling me how much the market was bad until he started to work with investors from europe and the uk.
"They just have a lot of money" he said.
"I met them during a spring brake in europe. I said to my self there is no work anyway so I will go and travel a little bit.
I think it's the best vacation I ever had and it's still continuing , the only difference is that now I'm actually making money".
Investors don't need any green card, good credit, bad credit or visa.
They only need to put a least 35% of the purchase price as a down payment.
These investors will get a higher interest rate and if they will put 50% as a down payment they will probably get a much lower interest rate.
Today the euro is much higher then the dollar.
So if the american investors are excited about the foreclosures can you imagine the europeans?
For the europeans everything is much cheaper than for americans, because the value of the euro as oppose to the dollar.
Can a foreigner really get a loan in america?
Sure they can get a loan, just like an american investor can get a hard money loan without showing any credit information, they just need to show interest. interest for a mortgage lender is measured with money. banks or hard money lenders will loan you the money but you will have to put as a down payment a big chunk of your money. Than you will not going to loose the property you've purchased and get the banks in trouble.
Also there are many banks out there that are selling their Loans or notes to foreigners just because they need to take some loans off of their shelves, just the way you're trying to avoid foreclosure or trying just to sell the house.
Banks today have to deal with so many issues like foreclosures, bankruptcies, notes and money in general.
Most banks that have loaned money to borrowers in the past 3 years are not protected or insured.
Three years ago the bank started to loan 1st and 2nd mortgages, 2nd mortgages are the cause of them not having mortgage insurance. So because they don't have mortgage insurance they will loose their money if a foreclosure is placed.
So why did the banks offered borrowers 2nd mortgages?
Because it was easy to qualify and a lot of borrowers tried to avoid refinancing their 1st mortgage.
Banks just wanted to make money and more money and that's what they did.
Now the banks are not willing to Loan 2nd mortgages anymore.
Read other articles I wrote to learn more about mortgage insurance.
Posted by: yanni raz at Aug 15, 2008 9:16:25 AM
HELLO MY NAME IS MICHAEL BRASWELL,COMMERCIAL MARKETING BROKER. IF YOU HAVE NOT SOLD
THIS PROPERTY YET, I REPRESENT GROUP INVESTORS THAT MAYBE INTERESTED. PLEASE CONTACT AT:[email protected]
Posted by: Michael braswell at Aug 16, 2008 12:04:58 PM
The old saying "you need money to make money" is especially true in most cases in real estate. If I had the money I would invest in something like this as it will yield great dividends when the market turns around.
Posted by: Jackson Hole at Aug 18, 2008 10:17:37 AM
Maybe if I had friends who had enough money to buy your property I wouldn't need your money. A classic catch 22.
Posted by: Inland Empire Home Looker at Aug 19, 2008 1:02:52 AM
I would like to collect more information about 360 real estate virtual tours, panoramas, and other real estate services. :-) Thanks
Posted by: Sameer at Sep 4, 2008 3:29:36 AM
There are going to be a lot of great buys around for cash buyers.
http://www.soho-properties.com
Posted by: Soho Properties at Sep 12, 2008 3:10:33 AM
It sounds like a good deal.
http://www.pattayareal-estate.com
Posted by: Alice Spencer at Sep 12, 2008 3:14:01 AM
That's why the site is called "Grow A Brain"......
There is no cash out....when there is no lending by banks!!!!!!!!
so finance it yourself.
Posted by: Fred Beehler at Dec 25, 2008 1:41:02 PM
This seems like a really nice investment however I was wondering if you have anything a little bit smaller and closer to the Temecula area of Riverside County.
Posted by: Tim Taggett - Temecula Housing Blog at Jan 14, 2009 12:14:38 AM
Did you sell this property? if not please email me on the one provided here.. thanks.
Posted by: Phuket at Mar 4, 2010 11:02:02 PM