TLDR: Commercial Real Estate Acquisitions. Offering 10%+ annualized returns + depreciation benefits with 5 year hold period.
Looking to purchase a 19 unit Salon Suite (functions much like office space but units have much shorter vacancy times)
~6000 sqft, 2018 build currently at 100% occupancy and rents below market rent
Property is in great condition with room to finish out the basement and add a number of extra suites with windows/egress etc...Property rents are between $140 to $300 below current market rent depending on unit size and current lease.
Looking to purchase at $2mm (numbers work up to $2.2mm)
Current gross revenue is $283k
Taxes are $24k
Operating expenses are $30,828
Total Expenses are $54,828
NOI at $228,897
Looking for investor to bring $500k and potentially acquire the 1.5mm loan (optional)
Investor receives 75% of cashflow from building for 5 years or approximately $345k
Investor receives all $300k of depreciation
Investor receives 100% of cash out refinance funds after debt in year 5. While this is cap-rate/appraisal dependent once rents are $250 higher this should be a minimum of $506k and as high as $850k in cash out funds.
This results in a conservative 10%+ annualized return + depreciation
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