Description
Residential Adult Care Facility This excellent cash flow investment property delivers a 5 year lease with a good credit tenant paying $3700/mo for phase 1 of the lease and $6000/mo for phase 2. Expenses are around $412/mo yielding a $39,456 net operating income to start and a 5.64% capitalization rate at the list price. Phase 2 of lease begins if the landlord completes the HOA approved addition to the property taking the bedroom count from 6 to 10 bedrooms. Contractor estimated costs for the addition ranges from $110,000 to $150,000. Upon completion NOI increases to around $65,000/yr and cap rate on purchase and improvements pencils out between 7% and 8% for the remainder of the lease.
-
0BEDS
-
0.18ACRES
-
0BATHS
-
01/2 BATHS
-
2,073SQFT
-
$321$/SQFT
School Ratings & Info
Description
Residential Adult Care Facility This excellent cash flow investment property delivers a 5 year lease with a good credit tenant paying $3700/mo for phase 1 of the lease and $6000/mo for phase 2. Expenses are around $412/mo yielding a $39,456 net operating income to start and a 5.64% capitalization rate at the list price. Phase 2 of lease begins if the landlord completes the HOA approved addition to the property taking the bedroom count from 6 to 10 bedrooms. Contractor estimated costs for the addition ranges from $110,000 to $150,000. Upon completion NOI increases to around $65,000/yr and cap rate on purchase and improvements pencils out between 7% and 8% for the remainder of the lease.
© 2023 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Team Home Goals | My Home Group. Data last updated 2023-03-31T12:30:15.75.