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UNDER CONTRACT
669 Boulevard - Atlanta, GA 30308
LOCATION! LOCATION! LOCATION!
Corner of Ponce de Leon/Monroe
and Boulevard in the  Heart of Midtown
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Purchase Price: $599,000
10 Unit Building:
9 units 1 Bd/1 Ba
1 unit 2 Bd/1 Ba
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Owner may consider 10% 2nd to qualified buyer.
General Terms Of Sale
Seller will assist buyer to obtain a first mortgage loan with Main Street Bank, a local lender who is EZY to work with. Sharon Silvermintz is VP of commercial lending. Call her cell 404-277-1778.
The interest rate will be about 4.35% tied to LIBOR and subject to change.
Please call Denis 678.760.7246 if you have an interest in the property. Seller is motivated and wishes to do 1031 tax deferred exchanges on two new acquisitions he is making in March 2004. Timing is of the essence!
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Viewing Schedule
This property is open for
viewing by appointment.
Call Denis Burke cell
678-760-7246 to view.
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What the bank will need - simple suggestions to save time:
- Tax returns for 2001 & 2002.
- Copy of contract with Seller.
- Schedule of Real Estate Owned (if any)
- Personal financial statement showing all assets, stocks, IRA's cash on hand and liabilities
- Sam Bussey CPA can help. He is an expert in taxes, bank document preparation, spreadsheets and cash flow analysis. He comes to you at your home or place of business. Sam's cell phone number is 770-380-1338.
- For EZY Loan approval with Main Street Bank, contact Sharon Silvermintz at 404-277-1778. Just mention our name and property address, you will receive priority treatment.
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Monthly Expenses |
| Water |
250 |
| Gas (hot water/showers) |
150 |
| Common light (Georgia Power) |
55 |
| Vacancy Reserve (6%) |
392 |
| Maintenance (3%) |
195 |
| Advertising |
80 |
| Administration |
100 |
| Insurance |
165 |
| 2003 Property taxes |
295 |
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| Total |
1682 |
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| Monthly expenses |
1682 |
| Estimated mortgage payment |
2848 |
| Total monthly expenses |
4530 |
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Projected Monthly Income |
| Projected gross monthly rents |
6497 |
| Other Income(laundry/misc fees) |
175 |
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| Total Income |
6672 |
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Financial Summary |
| Monthly Income |
6672 |
| Less Expenses |
-4530 |
| Monthly Positive Cashflow |
2142 |
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| Annual Net Income |
($2142 x 12 = $25704) |
| Cash on Cash Return |
($25704 divided into $110K dn =23.37%) |
| 1st Mortgage Loan Principal Reduction year 1 |
$12000 + $25704 |
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TOTAL RETURN ON INVESTMENT = $37704 divided into $110,000 = 34% |
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