500 Grant St Unit C212, Daphne, AL 36526

Property Description

SEVEN-UNIT CONDO INVESTMENT OPPORTUNITY IN DAPHNE, AL! Expand your real estate portfolio with seven Bay Forest condos available together for $832,000, with one unit included AT NO COST as part of the full seven-unit package! This investment opportunity features five occupied units generating rental income and three vacant, move-in-ready units offering additional leasing potential. All 8 units package gross numbers are as follow: In-Place Gross Income (5 Units): $62,340, In-Place Net Operating Income (NOI): $24,230, Pro Forma Gross Income (8 Units Stabilized): $124,320 (Assuming the 3 vacant units lease at the target portfolio average of $1,295/mo), Pro Forma NOI: $74,418 (Underwritten with 5% vacancy allowance and 10% PM fee), Pro Forma Cap Rate: 8.94%. SEE DOCUMENTS FOR FULL INVESTMENT NUMBERS. The seller prefers a portfolio sale but will consider individual offers. Seller will pay off the temporary HOA special assessment at closing. A $5,000 seller concession is available toward closing costs or a 2-1 rate buydown for the vacant units, subject to applicable terms and lender approval. Reference MLS #: Occupied units: MLS 395674, 395671, 395670, 395666. Vacant units: MLS 395673, 395672, 395668. Contact us for financials, rental information, and purchase options! Financial figures are based on historical performance and pro forma calculations; future income and returns are not guaranteed. Buyer to verify all information during due diligence Buyer to verify all information during due diligence.