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| Lake Worth Condo Conversion| Lake Worth , FL |
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| Lake Worth , FL |
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| Purchase Price |
$3,500,000 |
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| Cap Rate |
-5.97% |
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| Property Type |
Residential |
| Rentable Square Feet |
74,498 |
| Price per RSF |
$46.98 |
| Number of Tenants |
91 |
| | | Property Description |
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Class B condo conversion project in Lake Worth / West Palm Beach area. Built in 1973. http://www.sabalpointe.com
* Cash Deal - $3,500,000.
* $38,461 / Unit !
* 91 condos for sale, 38 units are rented.
* FHA approved.
* Control of HOA.
* A total of 176 condos, 85 sold at an average of $150/SF.
* Recent sales ffom June 2008 - average of $200/SF.
* The bank is owed over $8 Million and agreed to the price.
* Property is currently in the negative cash flow.
* Stabilizing at 10% vacancy in 12 months will produce double digit cash flow.
Measures Of Investment Performance:
*** Sell At 7% in 5 Years.
*** Net Investment - $1,855,000.
*** Net Cash On Cash yr 2 After Stabilizing - 13.17%.
*** After tax IRR 22.39%.
*** Cumulative Rate Of Return - 240.76%.
*** After Tax Capital Accumulation - $8,046,591.
*** Annual After Tax Growth rate Of capital - 17.42%.
*** Discount Rate - 10%.
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| Presented To You By |
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Sean Glickman, CIPS TRC CSP
561-488-7766
seanglickman@gmail.com
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STIRLING SOTHEBY'S
INTERNATIONAL REALTY |
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The information above has been obtained from sources believed reliable. While
we do not doubt its accuracy we
have not verified it and make no guarantee, warranty or representation about
it. It is your responsibility to independently confirm its accuracy and
completeness. Any projections, opinions, assumptions, or estimates used are for
example only and do not represent the current or future performance of the
property.
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