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 10 Unit Niagara Falls
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Properly is close to old casino. Upgrades include: boilers, plumbing, circuit breakers, electrical upgraded from knob and tube wiring, apartments # 1, 4, 5, 6, 7, 8 & 10 renovated. Excellent investment in a good location. Lots of wood trim throughout. Tenants pay their own hydro. Treat Mortgages as Clear.
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| 10 Unit Niagara Falls |
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| September 4, 2008 |
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| Purchase price |
$569,900 |
| Cap Rate |
7.45% |
| Closing costs |
$17,825 |
| Mortgage @ 75% |
$427,425 |
| VTB @ 10% |
$56,990 |
| Capital required |
$103,310 |
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| Monthy totals |
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| Income |
$6,345.62 |
| Effective Income |
$6,028.34 |
| Expenses |
$2,809.08 |
| First Mortgage |
$2,648.91 |
| VTB |
$331.46 |
| ROI Cash |
$238.89 |
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| Annual totals |
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| Income |
$76,147 |
| Expenses |
$33,709 |
| First Mortgage |
$31,787 |
| VTB |
$3,978 |
| Annual ROI Cash |
$6,674 |
| Principal recapture |
$9,264 |
| Appreciatation |
$11,398 |
| Annual ROI $ |
$27,336 |
| ROI % |
26.46% |
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| Partnership share first year |
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| Annual ROI $ |
$13,668 |
| ROI % |
13.23% |
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| 5 Year forecast |
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| Income |
$404,200 |
| Expenses |
$178,931 |
| First Mortgage |
$158,935 |
| Second Mortgage |
$19,888 |
| ROI Cash |
$46,446 |
| Principal recapture |
$51,863 |
| Appreciatation |
$60,502 |
| ROI $ |
$158,811 |
| Annualized ROI % |
30.74% |
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| Partnership share |
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| ROI $ |
$79,405.59 |
| Annualized ROI % |
15.37% |
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