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We have a 120-unit multifamily property located in Wilmington, DE, located 30 minutes south of Philadelphia, PA. Rehab has been started. However, it still needs an additional $550K to complete. The apt complex consist of 9 buildings and vacancies can be filled for rental income as each building is completed. The new investor will be looking at an annual EGI of $1,188,000 and cap rate of 13.75%. We are looking to move this property this month. We are only asking for $5.95M. (51.7% LTV) Rehab/Property Management is available for one year at full asking price. $100K of material at the site will be included in the sale. Please let us know if you have the interest and the resources to get this property moved this month. Thanks.
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