Seven-property portfolio, totaling 78 units, across various locations in the attractive Woodlawn and South Shore communities. All properties are masonry-constructed and built between 1899 and 1925. Unit mix: 21 One-Bedroom, 31 Two-Bedroom, and 26 Three-Bedroom. Each building has been updated/rehabbed within the last five years. Five properties and individual HVAC units and two properties have central boiler heating systems.
This package has 4 properties that have been accepted into the new rental property tax relief program which will result in additional savings on property taxes beyond the proforma projection between 25-35%.
There is assumable debt on this portfolio. A summary of loan terms follows:
-Loan Balance +/-$4.8MM 4.85MM.
-Originated in October-2019
-FNMA 12-year fixed loan at 5.03% (Matures in 2031)
-5 years of Interest Only, then 30 Year Amortization (IO from 2019 until November-2024)
Seller is willing to offer FNMA compliant soft pref behind the first lien to qualified buyers to reduce the downpayment necessary. Terms are negotiable there.