JUST CLOSED!!! 32 UNITS IN MADERA, CA for $4,775,000

This was a very challenging but exciting deal for The Mimms Group.? This property was previously listed with one of our competitors and the listing expired.? We competed with a few others and won the business with the sellers.? With our extensive marketing plan, we generated (5) offers in a short period of time and chose an all cash buyer.? We had issues getting insurance because of the galvanized plumbing, age of the building and the electric panels.? With our relationships with other agents in the firm, we were able to find a broker from out of state that had a carrier to do the deal.

Highlights

• Sold for $4,775,000 ($149,219/Unit)
• Was on the Market Previously with a Competitor
• Generated Multiple Offers
• All Cash Buyer with 10 Days DD and 30 Day Close
• Was on the Market 25 Days
• 6.25 Cap Rate on Current Operations with Great Upside

Jon Mimms of the “Mimms Group” Represented the Seller and Buyer in this Transaction.