FOR SALE - $795,000 30 Unit Residential Apartment Buildings North End Boise, Idaho The Property: Lancaster Terrace apartment buildings are located at Lancaster (N. 21 st Street) and Hill Rd in the North End of Boise just minutes from downtown. The apartments sit on 1.63 acres and consist of 5 individual 3 story buildings that have 6 units each. There are 2 buildings (12 units) that have 3 bed, 2 bath, 1,495 sq ft units, and 2 buildings (12 units) that have 2 bed, 2 bath, 1,172 sq ft units, and 1 building (6 units) that had 2 bed, 2 bath, 1,093 sq ft units. The apartments overlook Hill Road and are away from the traffic, but easily accessible. The apartments were built in 1977 and have 45 parking spaces. Fix up/rehab: From our last estimate there is approximately $500,000-$600,000 of rehab work to update the apartments. We took back this property via foreclosure and immediately spent $400,000 to do the necessary things to protect the asset. This included replacing the trusses and roofs and electrical of 2 buildings, repairing the roofs of the other 3 buildings, replacing 100% of the windows in all buildings, new window a/c units for all 30 units, engineering, City Permits and fees, and an immense amount of clean up, and various other items. We have an initial estimate of the cost to complete the rehab that we feel is accurate. We are working on getting a more specific break down to verify these numbers. Opportunity: Own these large rental units in a wonderful location at a 9% cap rate!! You will only be in each unit $46,000 after all projected rehab is done. With its desirable location, individual utility meters, and washer/dryer hookups in each unit, this property also lends itself to the possibility of a condo conversion to create upside. The conversion cost is minimal and an investor can purchase the property, do the required fix up, and then collect the rental income until the market becomes appropriate to sell individual condos. Hopkins would be willing to carry/participate/joint venture on this project up to $150,000. We can manage the project, or you can if you prefer. Please Call Randy Hopkins or his assistant Bart Schow for more information. Projections: Cost Purchase Price $795,000 Rehab $600,000 Total $1,395,000 Gross Monthly Rental Income 3 bed, 2 bath units $700/ month x 12 units $8,400 2 bed, 2 bath units $600/ month x 18 units $10,800 Gross Annual Rental Income $230,400 (Less Estimated Operating Expenses of 45%) ($103,680) Net Income $126,720 Cap Rate based on Total Cost 9% Take advantage of this terrific opportunity to own property in Boise s North End. Real Estate prices are at an unbelievable low and now is the time to get back into the market. LOCATION, LOCATION, LOCATION!! Randy Hopkins Bart W. Schow 208-467-5467 office 208-467-5467 office 208-250-5534 cell 208-867-3441 cell randyh@hopkinsfinancial.com barts@hopkinsfinancial.com
Apartment Building Summary 2110 W. Brittany Lane 1 st Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet 2 nd Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet 3 rd Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet Total 8,970 square feet 2130 W. Brittany Lane 1 st Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet 2 nd Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet 3 rd Floor- Two 3 bed, 2 bath units with 1,495 sq ft each 2,990 square feet Total 8,970 square feet 2111 W. Brittany Lane 1 st Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet 2 nd Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet 3 rd Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet Total 7,032 square feet 2085 W. Brittany Lane 1 st Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet 2 nd Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet 3 rd Floor- Two 2 bed, 2 bath units with 1,172 sq ft each 2,344 square feet Total 7,032 square feet 2607 Lancaster Drive 1 st Floor- Two 2 bed, 2 bath units with 1,093 sq ft each 2,186 square feet 2 nd Floor- Two 2 bed, 2 bath units with 1,093 sq ft each 2,186 square feet 3 rd Floor- Two 2 bed, 2 bath units with 1,093 sq ft each 2,186 square feet Total 6,558 square feet Parking- 47 spaces Total Net Sellable Square Feet 38,562 square feet
Exterior Photos Interior Photos Examples of remodeled kitchens Example of non remodeled kitchen
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Arial Photo Site Plan
2607 W Brittany Floor Plans of 2 bed 2 bath units (6 units in 1 building) 2111 and 2085 W Brittany Floor Plans of 2 bed 2 bath units (12 units in 2 buildings)
2110 and 2130 W Brittany Floor Plans of 3 bed 2 bath units (12 units in 2 buildings) Randy Hopkins Bart W. Schow 208-467-5467 office 208-467-5467 office 208-250-5534 cell 208-867-3441 cell randyh@hopkinsfinancial.com barts@hopkinsfinancial.com