| Offers for Coral Grove Apartments shall be due by the end of business on Wednesday, October 30th, 2024 |
| $6,491,000 assumable Fannie Mae mortgage with 3.98% interest rate Fixed until 2036 (interest-only until August 2029) |
| Originally constructed in 1964 as 80 units (10 x 8-unit buildings) all of which were 1-bedroom apartments |
| $10,800,000 represents $147,945 per unit as 73 units and a basis of $135,000 per unit if converted back to the 80-unit configuration |
| Offered for sale below 9x current gross rents. This drops to a 7.7 GRM at market rates (as 73 units) and a 7.5 GRM as conversion back to 80 units |
| Built of concrete block and concrete roofs, which offer a substantial insurance savings over a traditional wood-truss roofing system |
Joseph Thomas
Marcus & Millichap
