Monday, November 19, 2018

Look! A Four Property Portfolio Available at a 9% Cap Rate!

DON'T LOOK AWAY!

If you do, this four property portfolio will be gone!

The Owner is willing to sell at a 9% Cap Rate OR Higher.

Three Motels that have been renovated; AND, a 42 unit Studio Apartment Building that needs renovation.

Altogether, there are 139 units for sale at $12 Million!

OR, on a Cap Rate basis, that's a 9.1% Cap Rate!

And based on the 2017 PLS, this portfolio is worth +/-$14 Million!

In this market, that's what is called a STEAL!

30 Units

15 Units

52 Units

42 Units

If you are a qualified Buyer, and you want to take advantage of this Steal of a Deal...

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 0 1 9 3 8 8
AND Please #Follow David on Twitter: @DavidAHowes
Have a nice day!

Thursday, November 15, 2018

The Alpine Motel Apartments!

Alright, it's a misnomer.

It's actually 42 Studio Apartments of which 34 have a Kitchenette (or Kitchen Area).





Plus each unit has a full tub shower bath!

AND, it could be yours for the reasonable price of $2.8 Million.

And, because the net income is $20,930 PER MONTH!, that's a 9% Cap Rate to you!
The property does need renovating. But at $2.8 Million, there is room to make changes.

Interested?

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Thursday, November 8, 2018

The Lucky Dragon Should have never been built!

There are Good Ideas; and there are Bad Ideas.

The Lucky Dragon was a Bad Idea.

Sure, a resort casino dedicated to the Asian Gambler was a Good Idea  -- at concept.
However, a resort casino dedicated to just the Asian Gambler is a Bad Idea -- at the end result.

My take is, you don't build a tourist attraction anywhere near the 'edge of sketchy,' as one investor I was dealing with called it.
But, that's exactly where they built this property.

The neighborhood to the north is well known as The Naked City.  It's a collection of 6 to 10 unit low income apartments which have always had a difficult time maintaining tenants simply because they only attract the low income minimum wage workers who can barely afford their monthly rents.

(I know several owners of properties in this area.  They constantly complain about the lack of qualified renters. One, I know, had let his 8 unit apartment property go into foreclosure only to re-acquire it post Trustee Sale for less than half what he owed.)

Oh, well.  But, as this news story tries to explain, the bank thinks this location will be successful some day.  I think they are being overtly optimistic.

Have a read for yourself to see if you agree with me: Lucky Dragon


Since most of the hotel rooms were never used, I think a major re-tool as a locals casino is more in line than as an Asian Gambling Resort.  But, I think it's days as a major Asian Resort are long gone.

That's just my two cents.

To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!