ramona - loopnetramona third investment offering 312 e ramona ave, salt lake city, ut 84115...
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RAMONATHIRD
INVESTMENT OFFERING
312 E Ramona Ave, Salt Lake City, UT 84115
September, 2017
THIRD AND RAMONA APARTMENTS
LISA WOODBURYASSOCIATE BROKER
LORI HENDRYASSOCIATE BROKER
INVESTMENT OFFERINGTHIRD AND RAMONA APARTMENTS
2RAMONA
THIRD
EXECUTIVE SUMMARY OVERVIEWThis investment offering provides an opportunity to acquire the highly desirable Third & Ramona apartment complex. Conveniently located in a prime Sugar House location near schools, shopping, restaurants and parks allowing the superior walkability and access to transit. The current owner has cared for the property for nearly 30 years and his pride of ownership shows through. The complex consists of 5 buildings: three 4-plex buildings, one duplex and one single family home. All of the buildings have separate tax ID numbers and separate addresses. Many of the units have fresh carpet and paint. The roofs have been replaced on the three fourplex units. The inviting apartments have a charming mid-century appeal complete with globe lights, vaulted ceilings in the upper units, arched fireplaces, exposed beams and exposed brick. The units have separate power and gas meters. The landlord pays for water, sewer and garbage and there is a well on the property that can be used for supplemental irrigation. The spacious parking area has 22 parking stalls and lush park-like grounds for residents to enjoy. Two of the units have laundry hookups and there is an on-site coin operated washer and dryer included in the sale. The coin operated laundry generates about $2000 per year. The upper units have evaporative cooling and balconies. The lower units have private patio areas. The charming single family home included in the sale shares a rear property line with the apartment complex. The home is currently rented to the onsite manager. The current rents are well below market rent since the owner has chosen to keep rents low and has many long term residents. Please do not disturb tenants or walk through the property. Offer subject to inspection only.
INVESTMENT OFFERINGTHIRD AND RAMONA APARTMENTS
3RAMONA
THIRD
EXECUTIVE SUMMARY PROPERTY & FINANCIAL SUMMARY
ADDRESS:
NUMBER OF UNITS:
BUILDING SIZE:
PARCEL:
SITE SIZE:
AGE:
PARKING:
LIST PRICE:
312 E Ramona Ave,Salt Lake City, UT 84115
15
UNIT SF7 Upper Level 2 Bed 8867 Main Level 2 Bed 8861 Single Family Home 2 Bed 896
TOTAL approx. 13,300
16-18-453--034-000016-18-453-033-000016-18-385-008-000016-18-453-027-000016-18-385-005-000016-18-385-006-0000
.84 Acres Total For All Parcels
1969
Street Parking
$2,230,000
INVESTMENT OFFERINGTHIRD AND RAMONA APARTMENTS
4RAMONA
THIRD
INCOME PROFORMAGross Operating Income $153,800
TOTAL $153,800
EXPENSESVacancy (3%) $4,614
Real Estate Taxes $12,614
Property Insurance $3,649
Onsite Manager ($500/mo) $6,000
Licenses & Permits $424
Electricity (area lighting) $377
Gas (laundry) $232
Garbage $1,080
Sewer & Water $5,200
Snow Removal $505
Landscaping $1,500
TOTAL $36,195
NOI (5.27% CAP Proforma) $117,605
FINANCIAL ANALYSIS PROFORMA
INVESTMENT OFFERINGTHIRD AND RAMONA APARTMENTS
5RAMONA
THIRD
TENANCY INFORMATION RENT ROLL (PROFORMA)
DESCRIPTION NUMBER SIZE MONTHLY RENT ANNUAL RENTUpper 2 Bed Units 7 886 $850 $71,400
Main Level 2 Bed Units 7 886 $800 $67,200
Single Family Home 1 896 $1,100 $13,200
Coin Op Laundry 1 $166 $2,000
TOTALS $12,816 $153,800