FOR SALE, NEW ! USD $349,900 - Commercial, Homes for Sale
UNIQUE INVESTMENT OPPORTUNITY WITH OWNER FINANCING AVAILABLE.
This 3 level apartment building is located in the Los Pinos area of Mazatlán, just 1 block from the beach, with views of the ocean. The building is regularly maintained, and in excellent condition, with US and Canadian long term renters in place. It is being sold with all furnishings and appliances included.
- The first floor contains a 1 bedroom suite.
- The second level is a 3 bedroom apartment.
- The third level is a 2 level 3 bedroom penthouse apartment, with private access to the roof top patio for ocean or city views.
The building has inside parking for 2 vehicles, and additional street parking is available.
The owner will carry a mortgage with 50% down payment, and a ten year term, to a credit worthy purchaser, at 7% fixed. The building can be fully rented, or the purchaser can rent 2 of the apartments, and keep one as a residence, or rent the resident apartment seasonally. The option is yours.
On a cash flow bases, with 50% down payment of $174,950. With long term renters in place, the cash flow, using the current rents, would be $1825.00 US per month.
As there are 2 existing rental contracts, these must be honored by the new purchaser. The owner lives in the US, and prefers to rent long term, which lessens the need to find new renters if he was renting short term.
The rental rates can certainly be increased, as they are under market at the moment. An additional 15% rental increase is certainly realistic. With a 15% increase, that would increase the monthly revenue to $2098.75.
The mortgage of $175,950.00 at 7% for 10 years, shows a monthly payment of $2,031.32. This amount against the current revenue ($1825.00) requires $206.32 a month payment by the new owner to equal the mortgage payment. With the 15% increase, the owner would need to contribute $67.00 a month. Certainly, over a 10 year period, the rents will increase substantially, to create a positive cash flow fairly quickly.
For an appointment to view, please contact Brian Wilson at (+52) 669-985-3065
or 305-906-7244. Email email@example.com
The above information does not include the any legal fees or eventual closing costs. The property has a fidecomiso (bank trust) in place. Financing will be by a legally registered agreement for sale. The property will remain in the owner’s name, and the transfer of ownership will be completed, when the final mortgage payment has been made.
- First Floor Unit: 1 bedroom suite
- Second Floor Unit: 3 bedroom apartment
- Third Floor Unit: 3 bedroom penthouse apartment, with private access to the roof top patio.