302 N 8th St
Indiana, PA 15701
Multifamily Property For Sale · 5 Units

Beautiful 5 unit apartment building in a quiet, residential neighborhood within walking distance to downtown Indiana! See attached NOI, lowered taxes, etc. Newer roof and trusses, all 5 bathrooms were renovated, newer efficient gas boiler, 4 new front windows & 8 side windows, newly painted hallway, newly landscaped. ***NOTE: Although taxes are included in the attached current NOI (see attached page 1), the were lowered (see attached page 4).*** I broke out the taxes line item (2nd page). Although the taxes are showing $6,853 for the year, we were able to have them lowered (page 4). According to the $27,500 reduction in assessed value, I believe that would lower taxes $710.24/ year ($422.40 for the fall and $287.84 for the spring). Even with that being said, we have an appeal 3/2020 an attempt to lower them even further. Lastly, I included a rent roll (page 6). Please note that the recently signed lease was for a bit less ($625 vs. $685), but I didn’t want to go into the winter with a vacancy or I might be stuck w/ it until spring. As it stands, the current monthly rental income is $3,365 (annual= $40,380). In my humble opinion, it should be more like $41,100 ($685/ unit, which doesn’t include the laundry), but that’s my fault. As you can see by looking at the P&L, 12 month moving gross rental income is $36,083. When we first purchased the property, “trash removal income” was collected separately. Upon lease renewals, we simply increased rents and included the “trash removal income” reimbursement to simplify things. If all goes well, given its current monthly rental income of $40,380, adding the laundry income into it puts the EGI to a little over $41,000/ year. Couple that w/ the decrease in taxes of $700+, and things are looking significantly better. I also broke out the Repairs & Maintenance line item (page 5) so that you can see over half of it was from new flooring & painting in one of the apts. Therefore, it’s not an ongoing, monthly operating expense. If we make the appropriate changes to the income and expenses, I’m coming up w/ an estimated NOI of (approx.) $26,060 (estimated income of $41,045 ($40,380 + laundry of $665)- current income of $37,416= increase of $3,629 to the current NOI of $19,652, plus tax reduction of $710, less the one time flooring & painting expenses of $1,419 & $650).