Rental complex for sale! Just shy of $20, 000/month rent roll! Currently 97% rented. Most utility expenses are covered by the tenants. 11 units located 3 blocks from ECSU and 8 miles from UConn. University populations are increasing! 38 bedrooms and 11. 5 bathrooms total amongst 2 apartment buildings and one single family house. 1 6-family, 1 4-family, and 1 single family. Roughly 13, 769 sqft of total living space, 1, 176 sqft of additional space. The sale of the complex consists of the properties 27-29 Chestnut Street, 19-25 Chestnut Street, and 49 Spring Street, all in Willimantic Connecticut. The property includes a common area barn and a heated storage garage that can be leased for more income. All properties are in the same location to form one compound. Plenty of off street parking connecting all of the properties together. Plenty of street parking as well. Plenty of value-add opportunities! Turn-key operation ready for a new owner! 2023 Financials: Total 2023 Operating Income: $228, 732 Total 2023 Portfolio Expenses: $106, 411 -Total taxes: $27, 826 -Total insurance: $8, 835 -Total utilities: $28, 440 -Total property management: $11, 000 -Total payroll: $11, 000 -Total professional costs: $3, 000 -Total repairs & maintenance costs: $10, 560 -Total trash removal: $1, 750 -Total landscaping/snow removal cost: $4, 000 NOI: $122, 321 Cap Rate: 9. 41% Unit Breakdown: -29 Chestnut, 30 (3rd floor 4 bedroom, 1 bath, 1, 579 sqft, $2, 000/month income. Utilities: water/sewer and hot water included. Electricity and gas heat paid by tenants. ) -29 Chestnut, 20F (2nd floor front unit, 2 bedroom, 1 bath, 800 sqft, $1, 400/month income. Utilities: water/sewer, heat, and hot water included. Electricity paid by tenants. ) -29 Chestnut, 20R (2nd floor rear unit, 2 bedroom, 1 bath, 800 sqft, $1, 325/month income. Utilities: water/sewer, heat, and hot water included. Electricity paid by tenants. ) -27 Chestnut, 10F (1st floor front unit, 2 bedroom, 1 bath, 800 sqft, $1, 300/month income. Utilities: water/sewer, heat, and hot water included. Electricity paid by tenants. ) -27 Chestnut, 10R (1st floor rear unit, 2 bedroom, 1 bath, 800 sqft, $1, 300/month income. Utilities: water/sewer, heat, and hot water included. Electricity paid by tenants. ) -27 Chestnut, Ground (Ground floor unit, 2 bedroom, 1 bath, 1, 579 sqft, $1, 300/month income. Utilities: water/sewer, heat, and hot water included. Electricity paid by tenants. ) -19 Chestnut (Ground floor, 5 bedroom, 1 bath, 1, 444 sqft, $1, 800/month income. Utilities: water/sewer included. Electricity and gas heat and hot water paid by tenants. ) -21 Chestnut (1st floor, 5 bedroom, 1 bath, 1, 444 sqft, $2, 000/month income. Utilities: water/sewer included. Electricity and gas heat and hot water paid by tenants. ) -23 Chestnut (2nd floor, 5 bedroom, 1 bath, 1, 444 sqft, $2, 000/month income. Utilities: water/sewer included. Electricity and gas heat and hot water paid by tenants. ) -25 Chestnut (Rented by the room, 1 bedroom vacancy) (3rd floor, 4 bedroom, 1 bath, 1, 444 sqft, $1, 540/month income. Utilities: water/sewer included. Electricity and gas heat and hot water paid by tenants. ) -49 Spring (Single family, 5 bedrooms, 1. 5 bath, 1, 633 sqft, $4, 000/month income, all utilities included (gas heat/hot water, electricity, water/sewer. )
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,040,000 | $1,040,000 | $1,040,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.375% | 6.125% | 5.625% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.055% | 6.234% | 5.805% |
Monthly Tax Payment | $1,689 | $1,689 | $1,689 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $5,824 | $6,319 | $8,567 |
Total Monthly Payment | $7,638 | $8,133 | $10,381 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.