48 Units $200K Under Appraised Value NC

I am representing an Owner who has an appraisal from July 2019 valued at $2.4M, asking $2.2M for a 48 Unit Apartment complex in Wilson, NC. It’s increased in value since the appraisal. We will share the appraisal with you once interest is expressed. We will also provide financials. Seller has more current #’s than the snapshot below.  I will do a conference call with a NCND & LOI from a qualified buyer.

Price                  $2.2M

Metro               Wilson North Carolina, 50 miles from Raleigh NC

# units               48  

NOI or CAP       $135,466 or 6.16 CAP. Now $137,200+ from the most recent financials. Mgmt. co is mismanaging the property. Expenses are far too high!

Year Built          2000

Class                  C or better, built in 2000

Occupancy        97.9%   

https://www.dropbox.com/scl/fi/xd108zq8f98cf6ri1o2t5/Wilson-NC-48-Units.paper?dl=0&rlkey=gjzupbm7e80gdjsbonck4hlfy

Thank you,

Tom Mulvihill

Realtor CA DRE # 01371185

[email protected]

(562) 650-0747