Purchase from an off2market deal in February 2015 for $3,584,000. GRM was 8.3, with GRI approximately $400,000 annually. Half of the units use Section 8 vouchers for rental payment.
No deferred maintenance
Since purchase, buyers have started a capital improvement campaign in which a new roof was installed, four units were rehabbed, new security gate added, and new coin operated vending machines added.
Park Mesa Heights, Los Angeles 26 units
Investors will make $260,000 in annual Net Operating Income (NOI). Valuation is projected to increase by over 7% in the next year.