Merrill City Hall Apts. Located in Historic Downtown Merrill, WI just north of Wausau and Stevens Point, WI 16-units MULTI-FAMILY INVESTMENT OPPORTUNITY Exclusively Marketed By: Nathan Newes-Opatz Apartment Cash Flow, Inc. P.O.Box 1210, Hudson WI 54016 Office: 651-263-3653 Fax: 651-305-0276 nopatz@apartmentcashflow.com
PROPERTY DETAILS 713 East 2 nd St., Merrill WI 54452 Sales Price $395,000.00 Price per Unit $ 24,687.50 Unit Mix Year Built & Type 11 One Bedroom, One Bath / Approx. 600 SqFt 3 Two Bedroom, One Bath / Approx. 900 SqFt 1 Three Bedroom, One Bath / Approx. 1,500 SqFt 1 Efficiency, One Bath / Approx. 500 SqFt Constructed in 1888 / Brick Exterior / Three ½ Story Property ID # Lincoln County PID #25-13-10-61-23-0197 Roof Windows Older Pitched Roof / Three Layers over Cedar Shakes Original Windows Heating Hot Water Boiler / New in Spring 2010 Laundry Facilities Parking Coin Operated Washers & Dryers / Owned Two Sets of Washers and Dryers Included is a Separate Parking Lot to the Southwest
RENT ROLL 713 East 2 nd St., Merrill WI 54452 UNIT TYPE RENT LEASE MARKET 101 1-BD, 1-BA $400.00 06/30/2018 $550.00 102 1-BD, 1-BA $450.00 MONTHLY $525.00 103 1-BD, 1-BA $450.00 04/30/2018 $525.00 104 1-BD, 1-BA $470.00 05/31/2018 $525.00 105 2-BD, 1-BA $470.00 04/30/2018 $600.00 201 2-BD, 1-BA $575.00 05/31/2018 $600.00 202 1-BD, 1-BA $450.00 06/30/2018 $525.00 203 2-BD, 1-BA $575.00 03/31/2019 $575.00 204 1-BD, 1-BA $550.00 05/31/2018 $550.00 205 1-BD, 1-BA $500.00 04/30/2018 $525.00 206 1-BD, 1-BA $400.00 MONTHLY $525.00 300 1-BD, 1-BA $475.00 04/30/2018 $525.00 301 1-BD, 1-BA $450.00 06/30/2018 $525.00 302 EFF., 1-BA $395.00 06/30/2018 $400.00 303 1-BD, 1-BA $525.00 06/30/2018 $525.00 304 3-BD, 1-BA $775.00 05/31/2018 $775.00 TOTALS $7,910.00 $8,775.00 (NOTE - Rent Roll is April 2018)
PROPERTY PROFORMA 713 East 2 nd St., Merrill WI 54452 INCOME: ANNUAL NOTES SCHEDULED ANNUAL INCOME $ 94,920.00 *Current Rents LESS VACANCY (2.50%) $ 2,373.00 - *Market Vacancy LAUNDRY & OTHER INCOME $ 1,800.00 GROSS OPERATING INCOME $94,347.00 **2017 Actual Gross Income $88,443.96 EXPENSES: ANNUAL SOURCE % GOI PROPERTY TAXES 2018 $8,631.81 LINCOLN COUNTY 9.14 % PROPERTY INSURANCE $2,368.00 HORNIG INSUR. 2.50 % WATER UTILITIES $6,669.00 12 MONTH AVG. 7.06 % GAS & ELECTRIC UTILITIES $7,601.00 12 MONTH AVG. 8.05 % CARETAKING/MGMT $4,743.30 MARKET 5.02 % REPAIRS & MAINTENANCE $4,000.00 $250/UNIT 4.23 % LAWNCARE / SNOWPLOWING $2,600.00 12 MONTH AVG. 2.75 % SUPPLIES $2,000.00 ESTIMATED 2.11 % TRASH / RECYCLING $2,160.00 WATERMANS 2.28 % ACCOUNTING $ 450.00 ESTIMATED 0.47 % ADVERTISING/MARKETING $ 0.00 CRAIGSLIST 0.00 % TOTAL EXPENSES $41,223.11 43.69 % NET OPERATING INCOME $53,123.89
PROPOSED FINANCING 713 East 2 nd St., Merrill WI 54452 SALES PRICE $395,000.00 DOWN PAYMENT (20%) $ 79,000.00 NEW FINANCING (80% LTV) $316,000.00 MONTHLY DEBT SERVICE $ 1,711.89 *PROPOSED FINANCING AT 4.25%, AMORTIZED OVER 25 YRS. NET OPERATING INCOME $53,123.89 ANNUAL DEBT SERVICE (Minus) $20,542.68 1 ST YEAR CASH FLOW BEFORE TAXES $32,581.21 1 ST YEAR CASH ON CASH 41.24 % CAPITIALIZATION RATE 13.44 % DEBT COVERAGE RATIO 2.58 % TIMES GROSS 4.18
713-2 nd Street, Merrill WI - Aerial View
AERIAL SHOWING SEPARATE PARKING LOT IN RELATION TO BUILDING MERRILL CITY HALL APARTMENTS WAS ORIGINALLY CONSTRUCTED IN 1888 FOR THE LINCOLN COUNTY GOVERNMENT OFFICES AND JAIL. OVER 100 YEARS LATER IN 1991, THE ALEXANDER COMPANY, REPURPOSED THE BUILDING INTO 16 VERY UNIQUE & SPACIOUS APARTMENTS. SOME OF THE BUILDING S HISTORIC DETAILS HAVE REMAINED, INCORPORATING ORNATE TRIM, ORIGINAL FLOORS, AND EVEN AN OLD JAIL DOOR. THE PROPERTY FEATURES MODERN AMENITIES THAT INCLUDE AN ELEVATOR AND SEPARATE AIR CONDITIONING UNITS FOR EVERY APARTMENT. A NEW CLOCK WAS INSTALLED IN THE TOWER AND ARCHED TRANSOMS AND DOUBLE DOORS WERE RESTORED TO THEIR ORIGINAL BEAUTY.
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