The opportunity is a 3 family on Pine Street (just off of Maple) in Jersey City. The units are each 1 bedroom but fairly large and well laid out. The neighborhood is definitely one of the better areas immediately outside of downtown. Two blocks from light rail, one stop away from downtown. Less than a mile by foot to downtown and Liberty State Park.
Pickup is 140k. Repairs 5k.
Rent: 850 x 3 = 2,550 / month (could go up to 900 at least)
Taxes are 1,700/year! (I double checked at the city - will go up in 2014)
NOI is about $1,400/month making it about a 12 CAP
If you are interested in this opportunity, there are a few options as to how we can go about this. I am most likely seeking a passive funding partner(s), 40-100k, but any interest in the deal is welcome. Please email me through the site.
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The taxes in that entire area are similarly amazingly low. By the time they go up in 2014, rent will probably be closer to 950. Say by 2014 rent is 900/unit, and say taxes jump to 500/month which is high... that still puts NOI at 1300 (11 CAP), or 1100 with hired management (10 CAP).
I'll get photos up ASAP. The 5k in repairs would be for:
some new screens,
some light tile work on 3rd floor
maybe paint
basic repair fund for other things that might come up
I didn't know that you scout deals out as well. Aside from the information Dan asked :) what is the deal structure you were thinking from a passive investor? Let me know if you prefer to meet and discuss instead :)
Ka
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