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837 Portsmouth Ave, Bristol, VA 24201

Commercial property for sale

  • Description
  • Cap Rate: 8.9% on 2010 Audit; 11.3% on 2011 (YTD through Aug., extrapolated) Attractive, all-brick, PERFORMING section 8 property, built in 1971. * Good mix of 1, 2 & 3-BR Units. 6 buildings plus a common building with the Office, Laundry and Maintenance. * All new roofs & Windows. Park-like setting. * 65 units (68%) are under a HUD HAP Project-based rent subsidy contract. The remaining 31 units are rented to market or voucher tenants. * 100% Occupancy on the HAP units, 7 open market units * HAP Contract through 2/28/2014. These are typically renewed for 5 years. Financing: non-insured (no HUD Loan to assume.) Seller has non-assumable, conventional financing. That lender is interested in a new loan to a buyer. Very low, verifiable operating costs: Examples: Tenants pay electric (including heating/cooling); no county property taxes, No trash hauling costs to owner since it is provided by the city. Annual Financial Audit June 2009 REAC (Inspection) Score: 91 (excellent) See links to download the flyer and a confidentiality agreement now. This is a well-run, cash-flowing property. Seller is not in distress and will not do seller-financing. Download package now at: http://dl.dropbox.com/u/15996566/PKG_Eastridge.pdf Building price details: $2,950,000.
  • Property Details
  • Building Name: Eastridge Apts
    Property Type: Multifamily
    Use Types: Mid-Rise
    Status: Available
    Price: $ 45,385 +/Unit
    Number of Stories: 2
    Year Built: 1971
    MSA: Kingsport-Bristol-Bristol
    Zoning: R-3
    Buildings: 7
    Terms: Cash to Seller
    Added: 01/06/2012
    Last Update: 06/28/2012
  • Contact info
  • 865-247-7809 [Office]
  • Note

  • Details Info about this row that located on 837 Portsmouth Ave, Bristol, VA 24201 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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