• Excellent Acquisition Cost
Total acquisition cost of $6,425,000. Acquisition price (exclusive of ground floor retail/commercial) of $79,321 per unit.
• Attractive Investor Returns
Using conservative underwriting showing minimal growth from trailing income and expenses numbers, the investment is projected to comfortably cover a 7% annual return to investors plus cover the cost of debt service on a 30-year amortization schedule with no interest only period.
• Very Good Physical Condition
Benefiting from recent extensive renovation. Property was totally “gut” renovated from 2005-2006,including new mechanicals, plumbing and electric. A further renovation in 2011 including re-pointing of the entire exterior, scraping,painting and caulking of all windows and complete interior corridor renovations. The property condition assessment found no immediate repair needs.
• Strong Rental Market
The New London apartment market vacancy rate is 2.7% per the CBRE appraisal. Additionally, it is a largely rental market, with 62.2% of New London residents renting their home and only 37.8% owning.
• One of the Best Locations in Market
Property is located downtown,within three blocks of the Amtrak and Shoreline train station,numerous restaurants, nightclubs, shops and galleries, the riverfront harbor, ferries to Long Island, Block Island and Fisher’s Island and other amenities.
•Stable History and Reasonable Projections
The property has experienced very steady operating results: