Investor score88
Value-add garden product inside the Wesley Chapel renter shed. In-place rents trail market by ~$140/door. Insurance and 1990s systems are the questions to ask; the cap is honest at this basis.
- Ask
- $6,850,000
- Offer
- $6,520,000
- Units
- 48
- Occupancy
- 94%
- Year built
- 1998
- Gross rent
- $921,600
- Collected rent
- $866,304
- Expenses
- $355,184
- Net income
- $511,120
- Cap rate
- 7.8%
- GRM
- 7.07
- $/door
- $135,833
- Debt yield
- 12.1%
- Expense ratio
- 41.0%
UNIT MIX
In-place rents
| Type | Count | Rent | Monthly |
|---|---|---|---|
| 1 bed / 1 bath | 16 | $1,350/mo | $21,600/mo |
| 2 bed / 1 bath | 24 | $1,625/mo | $39,000/mo |
| 3 bed / 2 bath | 8 | $1,895/mo | $15,160/mo |
Risks
- Florida insurance
- Deferred roof / HVAC
- New Class A down SR-54