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48 Units Garden Complex In Wilson NC

Updated: May 20



Off Market

48 Units

5.4991 acres

7 Buildings

2 Stories

Net Rentable Area 48,656 SqFt

Clubhouse 2,000 SqFt

Laundry

Playground

97.9% Occupancy

Tax Value $2,624,525


Ground floor units have patios and above ground units have balconies with a wood rail. All units have storage on the patios/balconies.


Appraised value of $2,400,000 “as is” is $300,000 greater than the most recent transfer due to the property being last transferred at an auction sale. The previous sale price appears to be below market value. Additionally, across the board rent increases have occurred since the last transfer.


Property is well-maintained and competes well relative to other properties in the neighborhood.


Asking Price: $2,200,000 + 5 % buyers fee


SELLER NEEDS A FAST CLOSE ON THESE 48 UNITS, PRICE REFLECTS THIS BUY PURCHASE PRICE IS VERY FIRM PER THE SELLER AT $2.2MM, BUYER TO PAY A 5% REAL ESTATE COMMISSION AT THIS PRICE (BECAUSE THE PRICE IS REDUCED TO THIS PRICE, THE SELLER IS NOT PAYING ANY COMMISSIONS....THIS IS DELIVERABLE WHILE AVAILABLE)

THIS IS SET UP TO BE A QUICK CLOSE. THIS IS TO BE AN AS-IS ALL CASH TRANSACTION. MUST CLOSE IN 15 CALENDAR DAYS OR LESS AFTER THE EXECUTION OF THE PURCHASE & SALE AGREEMENT.  Attached is an appraisal from July 2019 valued at $2.4M.  I hope it’s increased in value since then.  See page 55 for financials.  Seller has more current #’s & will release upon a buyer's executed LOI/POF/signed Master Fee Agreement. This was on the market in February 2018. It is no longer on the market.  Price                  $2.2M (Appraisal available with NCND) Metro                Wilson North Carolina, 50 miles from Raleigh NC # units               48   NOI or CAP        $135,466 or 6.16 CAP Year Built           2000 Class                  C+ or better, see yr. built & appraisal Occupancy        97.9%   



THIS PORTFOLIO SALE IS OFF THE MARKET MUST STAY OFF THE MARKET, PLEASE DO NOT LET THIS PORTFOLIO GO VIRAL


DEAR BUYER, THIS IS AN OFF THE MARKET (NOW) AND THIS IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS UP THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR CONTRACTED EARNEST MONEY DEPOSIT, THE SELLER WILL THEN PROVIDE THE BUYER WITH ALL OF THE UPDATED P&Ls, RENT ROLLS, TENANT'S LEASES AND ANY VENDOR CONTRACTS THAT EXIST TO CLOSE THIS TRANSACTION. TO MOVE FORWARD, THE BUYER AND OR THE SELLER TO SIGN THE ASSET SPECIFIC MASTER FEE AGREEMENT (DEPENDING ON THE EXECUTED PURCHASE PRICE), THE BUYER TO PROVIDE AN ASSET SPECIFIC LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW OF DATE AND THE AMOUNT OF THE EARNEST MONEY DEPOSIT THAT WILL BE ESCROWED ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT. THE BUYER TO PROVIDE A BUYER'S COMMERCIAL BIO OF COMMERCIAL ASSET HELD IN THEIR INVESTMENT PORTFOLIO.  THE BUYER TO PROVIDE A BUYER'S VERIFIABLE PROOF OF FUNDS IN THE FORM OF A BANK OR FUND STATEMENT OF ACCOUNT.


PLEASE  NO TRANSACTIONAL FUNDING






AP


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