Historical Multifamily Sale Listing - Eastridge Apts, Bristol, VA | 68% Section 8

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Eastridge Apts, Bristol, VA | 68% Section 8

837 Portsmouth Ave, Bristol, VA 24201

N/A

96 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
96
Building Size:
91,544 SF
Property Type:
Multifamily
Property Sub-type:
Government Subsidized
Property Use Type:
Investment
Commission Split:
1.6%
Cap Rate:
8.90%
Occupancy:
93%
Lot Size:
10.12 SF
APN / Parcel ID:
30-1-32
Listing ID
17053144
Last Updated
over 1 year ago

Description

Cap Rate: 8.9% on 2010 (Audited); 11.3% on 2011 (YTD through Aug.. extrapolated)

Attractive, all-brick, PERFORMING section 8 property, built in 1971. * Good mix of 1, 2 & 3-BR Units. 6 buildings plus a common building with the Office, Laundry and Maintenance. * All new roofs & Windows. Park-like setting. * 65 units (68%) are under a HUD HAP Project-based rent subsidy contract. The remaining 31 units are rented to market or voucher tenants. * 100% Occupancy on the HAP units, 7 open market units * HAP Contract through 2/28/2014.

Financing: non-insured (no HUD Loan to assume.) Seller has non-assumable, conventional financing. That lender is interested in a new loan to a buyer. Very low, verifiable operating costs: Examples: Tenants pay electric (including heating/cooling); no county property taxes, No trash hauling costs to owner since it is provided by the city.

Annual Financial Audit
June 2009 REAC (Inspection) Score: 91 (excellent)

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Well-located within a residential area and near downtown. City buses are hourly. City & School buses pick up within the property. Close to Virginia Intermont College, King College & Historic Bristol.

Map of 837 Portsmouth Ave, Bristol, VA 24201 (Bristol County)

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