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Full Description
REF ADI6
HIGH YIELD INVESTMENT OPPORTUNITY, SITUATED IN NORTH SYRACUSE, NEW YORK STATE
PROPERTY TYPE: MULTI-FAMILY WITH TWO APARTMENTS (2x3 bedroom)
GROSS ANNUAL INCOME: 36%
NET ANNUAL INCOME: 23%
NOTE: Excellent location in an area of extremely high rental demand, this property consists of two, three bedroom apartments. One apartment is tenanted and one is vacant due to the current owner starting to re-decorate it and not finishing, this will be completed for the new owner by the property management company at a cost of $3,000, and is included in the purchase price.
Key features
- Asking price; $40,000 / £25,000 / €28,575
- Gross annual return; $14,400 / £9,000 / €10,285 36%
- Net annual return after running costs; $9,218 / £5,761 / €6,584 23%
- TWO APARTMENTS (2x3 Bedrooms)
• TWO CAR GARAGE INCLUDED
- Assessed value; $59,000
- Excellent North side location
- Very good area, always in demand by tenants
. Full management service provided
Financial details
Asking price; $40,000 / £25,000 / €28,575
Gross rental yield; $14,400 / £9,000 / €10,285 36%
Net rental yield after all annual running costs; $9,218 / £5,761 / €6,584 23%
($14,400 - less running costs; $1,440 management, $1000 water and insurance, $2,742 property taxes =$9,218)
Gross rental income per month; $1,200 / £750 / €857
Net rental income per month; $768 / £480 / €548
Buying expenses
The all inclusive purchase costs for this property are $4,000.You could own this property for $44,000 and not a cent more, approximately £27,500 / €28,571 with all buying, legal fees & commissions paid.
We will have the property surveyed, valued by an independent valuer and a full management report prepared for you on the property, the rent-ability and the tenants, THERE ARE NO HIDDEN EXTRAS, ALLTHIS IS INCLUDED IN THIS PRICE.
Approximate breakdown of purchase costs per property are as follows;
Legal costs: $1,200
Survey costs / Property report: $500
Valuation costs: $500
Commission / fees: $1,800
Please note that with the ever changing exchange rates we have used £1=$1.6 & €1= $1.40 for guidance only, as all property prices are set in USD.
Approximate breakdown of purchase costs per property are as follows;
Legal costs: $1,200
Survey costs / Property report: $500
Valuation costs: $500
Commission / fees: $1,800
Please note that with the ever changing exchange rates we have used £1=$1.45 & €1= $1.30 for guidance only, as all property prices are set in USD.
Property Description
- The Property: A detached, TWO apartment property (2 x 3 bed apartments).
- The Location: The property is situated in an excellent rental area of North Syracuse about two miles to the east of the Destiny USA project, the Carousel Center, with Syracuse University situated two miles to the south, St Josephs Hospital less than a mile to the west and downtown Syracuse a short walk away.
- Condition: This property has been inspected by the managing agent and has been found to be in good condition, but one of the apartments needs general tidying and decorating at a cost of $3,000.
- Occupancy rate: Extremely high, due to the location there will always be a demand for this property and it would be easy to find replacement tenants if needed.
- Tenanted: One apartment rented and one apartment vacant. The vacant apartment needs about $2,000 of decorating carrying out, the current owner started this and never finished but the property will complete this for the new owner.
• Management of this property: A full management service will be provided with this property.
The City
Syracuse, USA; the City with Potential
Syracuse is a vibrant city with much to offer and, with the right advice on property types and areas, it offers great investment opportunities. One of the key considerations to assure demand for your rental property is LOCATION.
The city boasts a University, a variety of schools, several hospitals, shopping malls, an airport and also the multi-billion dollar Destiny USA project. This is a major redevelopment project that will provide hotels, waterfront restaurants, office and retail space, which will attract additional business and employment to the city, the first phase of this project will be completed in spring ‘09.
Market report
SYRACUSE IS PREDICTED TO HAVE THE SECOND STRONGEST HOUSING MARKET IN THE USA IN 2009 (FORBES.COM), full report available on our website.
Property prices have not suffered in Syracuse, unlike many other areas in the USA, the reason being that prices have been historically low while offering excellent returns on investments. A full market report will be supplied upon request or can be found on our website.
The Service we provide
American Dream Investments (ADI) specialize in sourcing high yield income properties in the area of Syracuse, Onondaga County, NY State, USA, for investors who are seeking a truly bespoke service tailor made to their individual requirements.
The company takes pride in offering properties that produce an annual income of approximately 20% net, after running costs have been deducted. The properties are situated in good locations with high rental demand and are offered at the lowest possible negotiated price.
ADI invite you to contact them and they will be delighted to answer any questions you may have regarding the advantages of investing in Syracuse and the benefits of the full purchase package and management service they offer.
Thank you for showing an interest in our investment property and we very much look forward to you contacting us in the future.
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