837 Portsmouth Ave, Bristol, VA 24201 - multi-family property

Detailed information about multi-family property which situated in Bristol (24201) city, Virginia state on 837 Portsmouth Ave.
Well-located within a residential area and near downtown. City buses are hourly. City & School buses pick up within the property. Close to Virginia Intermont College, King College & Historic Bristol.

Additional Information: Cap Rate: 8.9% on 2010 Audit; 11.3% on 2011 (YTD through Aug., extrapolated) Attractive, all-brick, PERFORMING section 8 property, built in 1971. * Good mix of 1, 2 & 3-BR Units. 6 buildings plus a common building with the Office, Laundry and Maintenance. * All new roofs & Windows. Park-like setting. * 65 units (68%) are under a HUD HAP Project-based rent subsidy contract. The remaining 31 units are rented to market or voucher tenants. * 100% Occupancy on the HAP units, 7 open market units * HAP Contract through 2/28/2014. These are typically renewed for 5 years. Financing: non-insured (no HUD Loan to assume.) Seller has non-assumable, conventional financing. That lender is interested in a new loan to a buyer. Very low, verifiable operating costs: Examples: Tenants pay electric (including heating/cooling); no county property taxes, No trash hauling costs to owner since it is provided by the city. Annual Financial Audit June 2009 REAC (Inspection) Score: 91 (excellent) See links to download the flyer and a confidentiality agreement now. This is a well-run, cash-flowing property. Seller is not in distress and will not do seller-financing.