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Rental Property Business 16 Houses, Inc.
Location New York,United States
Asking Price Range $500K - $1.0M
Gross Revenues $160000
Net Profit / Cash Flow $90000
Cash Flow Type EBITDA
Seller Finance Yes
Year Established 2003
Number of Employees 1 - 3
Relocatable No
Number of Employees 1 - 3
Real Estate Owned
Training Yes, available if needed.
Reason for Sale Would like to separate partnership.
Description There are 16 separate properties and 23 units all located in Lockport, NY and the surrounding area. All records are available for viewing for serious buyers including tax returns.
Asking price: $799,000
Appraised value: $881,000
Gross rents at 90% occupancy: $12,020
Taxes and insurance: ($3,267)
Management fee 10% of rents: ($1,202)
Income before mortgage and maintenance: $7551/month
The maintenance on all houses last year was $1,300/month (not including labor)
My management company would still continue to manage all properties if needed. I have always had occupancy rates over 90%.
I can hold part of the mortgage but the terms would have to be 50% down, 50% owner financing, amortized over 30 years, balloon in 10 years with option to extend financing.
Summary for all properties:
Address Units Appraisal Sale Price Rents Tax & Ins.Net Inc.
9 Corinthia St. 1 $50,000 $50,000 $725 $300 $425
51 Randolph 2 $74,000 $70,000 $1,250 $300 $950
85 Elmwoo 4 $80,000 $80,000 $2,075 $329 $1,746
95 Caledonia 1 $58,000 $50,000 $700 $180 $520
109 Chestnut 2 $60,000 $50,000 $875 $170 $705
137 Chestnut 1 $42,000 $35,000 $575 $150 $425
159 Prospect 2 $60,000 $50,000 $1,025 $208 $817
176 N. Transi 1 $52,000 $50,000 $700 $117 $583
190 Erie St. 2 $60,000 $50,000 $900 $224 $676
295 Clinton St. 1 $58,000 $50,000 $650 $174 $476
304 Clinton St. 1 $30,000 $30,000 $550 $130 $420
305 Chestnut 1 $52,000 $45,000 $655 $200 $455
373 N. Transit 1 $52,000 $50,000 $725 $180 $545
475 Hawley St. 1 $56,000 $50,000 $750 $235 $515
3913 W. Fair C 1 $45,000 $45,000 $550 $150 $400
5656 Old Saun 1 $52,000 $44,000 $650 $220 $430
Totals: 23 $881,000 $799,000 $13,355 $3,267 $10,088
Spreadsheets are available with information about each unit, tenants, and expenses for each year.
Email or call 716-514-8828
Click Here To Contact Seller
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