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Raleigh Rental Properties For Sale
Location North Carolina,United States
Asking Price Range $2.5M - $5.0M
Gross Revenues $610989
Net Profit / Cash Flow $470073
Cash Flow Type Sellers Discretionary Cash
Seller Finance Yes
Year Established 1997
Number of Employees 1 - 3
Relocatable No
Number of Employees 1 - 3
Real Estate Owned
Training Seller will provide training
Reason for Sale Other business demands
Description The owner purchased the 96 rental properties at the end of 2011. The vacancy percentage was 30% due to maintenance needs and appliance replacements needed. The past owner wanted to sell the properties and did not want to invest in repairs. The current owner hired a maintenance crew to make all the repairs needed and replaced the appliances needed. The current occupancy is 100% and there is a waiting list for the rental properties.
There are a total of 96 rental units. The rental units are located in the following towns: Dunn (81 units), Erwin (10 units), and Linden (5 units). The breakdown of properties is as follows: Single Family Holmes - 58; Trailers - 1 double wide; Duplexes, Triplex and Quads - 10 buildings; Offices - 11; Lots - 2 (no rental units. One lot could have 4 units (duplexes) built and one lot could be a single family home.
All rents are due on the 6th of the month and are paid in cash or cashiers check. The monthly rents range from $365 to $1,200. The average monthly rent is $515. The current monthly rent for all units is $49,475 per month. The rental leases are for one year.
The staff consists of 2 maintenance men (1099) they each average 25 to 30 hours per week and are paid $10.00 & 11.00 per hour. The maintenance men can paint, plumbing, sheetrock and one also has HVAC permit. They never have to call any outside companies. 1 full time office employee paid $9.00 per hour. She receives $25 commission on any new tenant she rents too.
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