We are acquiring a 39 unit multi-family apartment building in Florida. Currently the property has a 20% vacancy rate due to poor management and lack of funds for deferred maintance. The property pays for itself at a 31% vacancy rate, however our goal is to rehab the vacant apartments and lease the property back up. This should take 1-3 months for completion.

The property once lease up will have a value of $1,400,000 with a 10% vacancy rate and priced at a 10 cap. Our strategy is to buy and hold for a term of at least 5 years and with proforma numbers the property will have a value of over $1,600,000.

We are currenty looking for investors that are will to receive a 10% simple interest rate loan, backed by the property.