Condo Conversion

Is this a good deal, and how would I present an offer?



20 unit townhouse complex priced at 2.4 mil , current cap rate is 6.14%, with pro-forma cap rate 6.80%. Comps for other properties sold have cap rates between 6.34% & 7.30%. Cashflow for properties after expenses would be appx. 12,000.00 per year.

I want to convert from rental to condo and sell for appx. 150,900 each unit.



I would appreciate suggestions on how best to structure an offer to the seller for this deal. Property has been on the market for nearly 6 months.

Comments(0)

Add Comment

Login To Comment