COMMERCIAL INVESTMENT We have an excellent opportunity in a 197 unit high rise apartment building currently
operating at 80% occupancy, 40% subsidized, in a great area of Detroit. Anyone or
group with immediate capital access of $3.3 million or more would leverage in-place
government financing and appreciate this rare find. If you, your group, or anyone else
you know has immediate access to the required level of capital and might be interested,
please review the below summary information, then leave us a message at (248) 721-4849. 
INVESTMENT OPPORTUNITY PROJECT SUMMARY Applicable Deadline: Must close on or before: May 30, 2011 Purpose: Equity investment or short term loan (18 months) with majority board control
until repaid, or as negotiated. Full repayment by Low Income Housing Tax Credit financing
or HUD 223(f) mortgage. Location: Attractive historical area of Detroit, MI General Information: MSHDA sponsored HUD 236 Project Structure – 197 units (approx. 77 units are government subsidized) Age: Built 1975 Current Occupancy: approx. 80% (158 units) Vacancy approx.: 20% (39 units) Cost (1975): $8,767,497 Market Value (As-is est.): $ 6,900,000 Asking Price: $6,500,000 $32,994.93/unit Minimum equity investment: $2,900,000 Preferred equity investment or loan: $3,300,000 Current Financing – Primary secured debt: $ 2,301,731 (HUD236) (5% interest)* Interim mortgage loan: $ 360,000 (MSHDA)* Secondary secured debt: $ 2,383,609 (HOME) (0% interest; non-amortizing) Actual 2010 gross income: $ 1,514,940 Potential gross income: $1,743,440 Actual 2010 net operating income: $ 367,686 Value @ 5% Cap Rate: $7,353,720 Potential net operating income: $ 516,400 Value @ 5% Cap Rate: $10,328,000 * Equity investment or loan proceeds to payoff these amounts Check this page frequently to stay informed of upcoming foreclosure and government auctions that will be held in Michigan and throughout the country. The links below to take you to the latest auction information. We update this list regularly. Several institutions utilize various auction houses and/or outsourcing companies to dispose of properties. You can contact any AGREED Team representative to view and bid on these properties. Please be advised that you will be required to show proof of sufficient funds and/or mortgage ability in order to view or bid on any property. Although you may be able to purchase a property using a mortgage, most auction sales are treated as cash and you are expected to close in a timely manner or risk losing your earnest money deposit. |