- Joined
- Oct 6, 2007
- Messages
- 8
This is a well-maintained, professionally managed 9-plex close to Grant MacEwan College, Kingsway Mall and Royal Alexandra Hospital. The vendor paid $235,000 in 2002 and is asking for $900,000. Its current value based on income is $935,000. A spectacular massive condo development has started blocks away which will enhance the internal returns tremendously. The purchased property will have negative cash flow for one year until the sub-market rents are increased during the next year. Average tenancy has been 5 years.
The Edmonton market has slowed down since June last year and is posed to take off again in the next 3-6 months. It remains quite over-priced with sellers looking for $110-175K per door.
This building at the current asking price of only $100,000 per door (6x1 bedrooms, 2x2 bedrooms, 1 bachelor) is an excellent opportunity. Our motivated vendor is building his own condo complex and needs to sell, so an offer starting at $800,000 is reasonable.
The returns suggested in the header are at only an 8% yearly and will likely only be a fraction of what the Edmonton market will offer in the next 5-7 years because of the tens of billions of dollars pouring into the oil sands developments and turmoil in most other oil-producing countries.
I am looking for a 50/50 JVP cash partner who is able to provide (the 15% down payment and closing costs of) $182,500. My services are finding this special opportunity, providing the JVP legal agreement, arranging financing, accounting, managing the property manager, regular on-site inspections, screening new tenants and reporting. Property analysis, pro-forma financial statements and photos are prepared. Once the partnership is agreed to, I will place the building under contract and immediately arrange the appraisal, property inspection, engineering report and phase 1 environmental study.
If interested contact me at [email protected], cell 519-835-6036, office 519-763-6036, fax 519-763-8005.
The Edmonton market has slowed down since June last year and is posed to take off again in the next 3-6 months. It remains quite over-priced with sellers looking for $110-175K per door.
This building at the current asking price of only $100,000 per door (6x1 bedrooms, 2x2 bedrooms, 1 bachelor) is an excellent opportunity. Our motivated vendor is building his own condo complex and needs to sell, so an offer starting at $800,000 is reasonable.
The returns suggested in the header are at only an 8% yearly and will likely only be a fraction of what the Edmonton market will offer in the next 5-7 years because of the tens of billions of dollars pouring into the oil sands developments and turmoil in most other oil-producing countries.
I am looking for a 50/50 JVP cash partner who is able to provide (the 15% down payment and closing costs of) $182,500. My services are finding this special opportunity, providing the JVP legal agreement, arranging financing, accounting, managing the property manager, regular on-site inspections, screening new tenants and reporting. Property analysis, pro-forma financial statements and photos are prepared. Once the partnership is agreed to, I will place the building under contract and immediately arrange the appraisal, property inspection, engineering report and phase 1 environmental study.
If interested contact me at [email protected], cell 519-835-6036, office 519-763-6036, fax 519-763-8005.