129 SOUTH MAIN ST - LoopNet€¦ · Water Heater Newer Commercial Hot Water Heater / Services all...
Transcript of 129 SOUTH MAIN ST - LoopNet€¦ · Water Heater Newer Commercial Hot Water Heater / Services all...
HISTORIC APARTMENT ASSET Located in the Phalen Neighborhood of Saint Paul, MN
6-Units MULTI-FAMILY
INVESTMENT OPPORTUNITY
Exclusively Marketed By:
Nathan P. Newes-Opatz
Apartment Cash Flow, Inc. P.O.Box 1210, Hudson WI 54016
Office: 651-263-3653 Fax: 651-305-0276
Westminster Apartments
PROPERTY DETAILS 868 Westminster St., St.Paul MN 55130
Sales Price $459,900.00 ($76,650 /per unit)
Year Built Constructed 1887 / Limestone Foundation / 8,360 Total SqFt
Unit Mix Five Two Bedroom, One Bath Units / Approx. 800 SqFt.
One Three Bedroom, One Bath Unit / Approx. 950 SqFt.
Property ID # PID #29-29-22-32-0140 – Ramsey County (Double Lot)
Roof Flat and Pitched Roofs / Replaced in Summer of 2017
Heating Each Apartment Has Gas-Fired Furnaces / Tenants Pay to Heat
Water Heater Newer Commercial Hot Water Heater / Services all Six Apts.
Utilities Residents pay their unit Gas and Electric for Lights, Appliances, Window
A/C, and Heating.
Owner’s expenses include Taxes, Insurance, Water & Sewer, Gas for Hot
Water Heater, Common area Electric, and Trash.
Laundry Coin Operated Washer & Dryer / Leased through BDS
Amenities Double Lot – 0.26 Total Acres
On a Busline
Property is Walking Distance to Downtown St.Paul
10 minutes to Woodbury/Oakdale & Close to Shopping!
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein. No legal obligation shall arise by reason of the distribution of this summary statement.
RENT SCHEDULE 868 Westminster St., St.Paul MN 55130
UNIT BED/BA SQFT RENT LEASE DEPOSIT MARKET
1 2 / 1 800 SqFt $780.00 08/31/2018 $ 750.00 $ 925.00
2 2 / 1 800 SqFt $780.00 08/31/2018 $ 450.00 $ 925.00
3 2 / 1 800 SqFt $900.00 10/31/2018 $ 900.00 $ 925.00
4 2 / 1 800 SqFt $925.00 03/25/2019 $2,075.00 $ 925.00
5 2 / 1 800 SqFt $900.00 10/31/2018 $ 900.00 $ 925.00
6 3 / 1 950 SqFt $1,050.00 12/31/2017 $ 550.00 $1,150.00
Totals $5,335.00 $5,625.00 $5,775.00
**100% Leased **Rents have room to be pushed into 2018
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein. No legal obligation shall arise by reason of the distribution of this summary statement.
OPERATING STATEMENT 868 Westminster St., St.Paul MN 55130
INCOME: SCHEDULED ANNUAL INCOME $64,020.00 @ Current Rents
LESS VACANCY (2.50%) $ 1,600.50- *Below Market Vacancy
LAUNDRY INCOME $ 0.00 *Coin Laundry Leased BDS
GROSS INCOME $62,419.50
EXPENSES: ANNUAL SOURCE % GOI
PROPERTY TAXES 2017 $ 6,534.00 RAMSEY COUNTY 10.46 %
INSURANCE $ 1,800.00 MARKET 2.88 %
GAS & ELECTRIC UTILITIES $ 1,820.00 LAST 3/MONTH AVG. 2.91 %
WATER & SEWER UTILITIES $ 1,852.00 LAST 3/MONTH AVG. 2.96 %
SNOW REMOVAL / LAWN CARE $ 1,800.00 ESTIMATED 2.88 %
RUBBISH $ 876.00 LAST 3/MONTH AVG. 1.40 %
MAINTENANCE / REPAIRS $ 4,000.00 ESTIMATED 6.40 %
SUPPLIES $ 1,000.00 ESTIMATED 1.60 %
MANAGEMENT / CARETAKING $ 600.00 $50 PER MONTH 0.96 %
CLEANING $ 500.00 ESTIMATED 0.80 %
LEGAL & PROFESSIONAL FEES $ 450.00 ESTIMATED 0.72 %
ADVERTISING $ 0.00 CRAIGSLIST 0.00 %
TOTAL EXPENSES $21,232.00 34.01 %
NET OPERATING INCOME $41,187.50
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein. No legal obligation shall arise by reason of the distribution of this summary statement.
PROPOSED FINANCING 868 Westminster St., St.Paul MN 55130
SALES PRICE $459,900.00
DOWN PAYMENT (20%) $ 92,000.00
NEW FINANCING (80% LTV) $367,900.00
MONTHLY DEBT SERVICE $ 1,993.05
**PROPOSED FINANCING AT 4.25%, AMORTIZED OVER 25 YRS.
NET OPERATING INCOME $41,187.50
ANNUAL DEBT SERVICE (Minus) $23,916.60
1ST YEAR CASH FLOW BEFORE TAXES $17,270.90
1ST YEAR CASH ON CASH 18.77 %
CAPITIALIZATION RATE 8.95 %
DEBT COVERAGE RATIO 1.72 %
TIMES GROSS 7.36
**FINANCING TERMS – CASH AND / OR NEW FINANCING
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein. No legal obligation shall arise by reason of the distribution of this summary statement.
No warranty or representation, expressed or implied, is made as to the accuracy or completeness of the information contained herein.
No legal obligation shall arise by reason of the distribution of this summary statement.