Shady View Apartments - 585 North Main Street Tooele.indd

SHADY VIEW APARTMENTS
585 NORTH MAIN STREET • TOOELE • UTAH • 84074
FOR SALE
PROPERTY SPECS
OPPORTUNITY
• Price: $840,000
Located on 0.73 acres, this 18 unit apartment complex consists
of studio, 1 bed, 2 bed and 3 bed floor plans. This property is
centrally located on Main Street in the city of Tooele, a 25 minute
drive to downtown Salt Lake City.
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18 Units
Located on 0.73 Acres
Well Located to All Services
Easily Accessible
Year Built: 1952
CONTACT:
This is one of the best priced apartment investments in the area!
Over the last 18 months, the owner has greatly improved the
property and tenant quality. It provides an opportunity to create
a solid cash flow for years to come by raising under-market rents
to increase owner equity.
PATRICK BODNAR
[email protected]
direct 801.456.8806
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.
SHADY VIEW APARTMENTS
585 NORTH MAIN STREET • TOOELE • UTAH • 84074
INCOME
T-12 Est.
2015 Mid-Year
P&L Annualized
Apartment Rents
$108,938
$117,316
Net
Net
$1,274
$1,300
$110,212
$118,616
T-12 Est.
2015 Mid-Year
P&L Annualized
Property Tax
$6,132
Property Insurance
Vacancy @ 5%
Other Income (laundry, late fees)
Gross Operating Income
EXPENSES
FINANCING ASSUMPTIONS
New Mortgage Loan (75%)
Down Payment (25%)
2015 Projected
$630,000
$210,000.00
Interest Rate
4.25%
Amortization
30
Monthly Debt Service
$(3,128.91)
Annual Debt Service
$(37,547)
1st Year Principal Reduction
$10,621
$6,200
Net Cash Flow before Taxes
$27,108
$8,194
$6,400
Total Return
$37,729
Gas
$3,318
$4,140
Electric
$3,296
$3,862
INVESTMENT SUMMARY
Water/Sewer
$3,827
$3,294
Price:
Garbage
$1,634
$1,494
Cap Rate:
7.70%
Landscaping, Snow Removal
$1,000
$1,000
Price/Unit
$46,667
Maintenance, Repairs, Cleaning,
Turnover
$19,556
$11,210
Cash on Cash - Year 1
12.91%
Management @ 10%
$10,874
$11,862
Total Return
17.97%
$2,500
$4,500
$60,331
$53,962
$3,352
$2,998
Reserves ($250)
Estimated Total:
Per Unit (18)
Expense as a % of Gross Operating
Income
Net Operating Income
$49,881.00
2015 Projected
$840,000
UNIT MIX
Units
Bedrooms
Bathrooms
9
Studio
1
45%
3
1
1
$64,654.40
3
2
1
1
2
2
2
3
1
18
CONTACT:
PATRICK BODNAR
[email protected]
direct 801.456.8806
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.
SHADY VIEW APARTMENTS
585 NORTH MAIN STREET • TOOELE • UTAH • 84074
19,010 cars
/day
2400 North
2000 North
Charritos
Osaka Sushi
Mexican Food
State of Utah
1000 North
26,800 cars/day Main Street
25,130 cars
/day
Westates Theatres
Tooele Cinema 6
600 N or th
6,445 cars/day
Mai n S tr e e t
Jim’s Family
Restaurant
200 North
Home Appliance
Showroom
CONTACT:
50 We s t
ille
Vine Street
600 No r th
PATRICK BODNAR
[email protected]
direct 801.456.8806
376 East 400 South, Suite 120 l Salt Lake City, Utah 84111
Office 801.456.8800 l Fax 801.578.5500
www.mtnwest.com
This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting or leasing of the property described above shall be conducted through this office. The above information while not guaranteed has been secured from sources we believe to be reliable.