837 Portsmouth Ave
Bristol, VA 24201 ·
96 Units · Multifamily For Sale
Eastridge Apts, Bristol, VA | 68% Section 8
|No. Units||96||Cap Rate||8.90%|
|Building Size||91,544 SF||Occupancy||93%|
|Property Type||Multifamily||Lot Size||10.12 SF|
|Property Sub-type||Government Subsidized||APN / Parcel ID||30-1-32|
|Property Use Type||Investment|
|Listing ID: 17053144||Date Created: 03/04/2011||Last Updated: 07/31/2012|
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.
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