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Freeman Ln. Apartments 
1156-1178 Freeman Lane
Pocatello, ID 83201
County: Bannock
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(208) 251-4820 |
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PRS Real Estate & Axiom Property Management
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| Type: | Multifamily
Garden/Low-Rise |
| No. Units: | 14 |
| Building Size: | 15,280 SF |
| Lot Size: | 1.58 Acres |
| Occupancy: | 100.00% |
| Price: | $885,000 |
| Price/Unit: | $63,214.29 |
| GRM: | 9.00 |
| Cap Rate: | 6.50% |
| Year Built: | 1980 |
| Date Last Verified: | 4/18/2008 |
| Property ID: | 15384070 |
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Property Description:
3 Fourplexes with garages for each unit and 1 duplex. Units are approximately 1100 square feet each and target rents are $575/unit. Previous owner has several businesses and has not raised rents as he should, creating opportunity for increased value by raising rents. 3 4-plexes built in 1980 and the duplex built in 1970. All units are currently occupied.
Square footage measurements are estimates based on tax assessments.
Location Description:
Located in the Highland area of Pocatello, close to parks, schools, and is located on a cul-de-sac.
| No. Stories: | 2 | Parking Ratio: | 2 / 1,000 SF |
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| • | Great Location. | • | Well below replacement cost. |
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| • | Rents are below market- value add opportunity. | • | Good rental history. |
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| • | Several big improvements done last year. | | |
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Financial Summary
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Proforma
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| Year: | 2007 |
| Scheduled Gross Income: | $92,880 |
| Effective Gross Income: | $92,880 |
| Operating Expenses: | $12,000 |
| Net Operating Income: | $24,625 |
| Pre-Tax Cash Flow: | $68,255 |
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| 2 bed 1 bath, w/ garage |
No. Units: 12
SF: 1,100
Avg. Mo. Rent: $550
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| 3 bed 1 bath |
No. Units: 1
SF: 1,280
Avg. Mo. Rent: $740
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| 1 bed 1 bath |
No. Units: 1
SF: 800
Avg. Mo. Rent: $400
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| Debt & Equity Information |
| Debt Type: | Existing |
| Loan Amount: | $626,250 |
| Interest Rate: | 7.25% |
| Amortized Over: | 30 |
| Due In: | 30 |
| Annual Debt Service: | $4,272 |
| Down Payment: | $208,750 |
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| Loan Description: |
| Assuming a standard 30 yr amort fixed rate at 7.25% assuming financed as fourplexes and a duplex. |
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10/11/2007
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| The information above has been
obtained from sources believed reliable. While we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property. The value of this transaction to you depends on tax and other factors
which should be evaluated by your tax, financial, and legal advisors. You and
your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for
your needs.
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