89-93 Barbour Street
6 unit apartment building with ground level retail. This is a non performing first position loan sale. Prior gross income exceeded $65,000 per year. Section 8 tenants in 2008 paid $820 per month and the building was 100% leased. Tenants vacated after owner failed to correct repair violations.
Great opportunity for investor to buy note at a huge discount to UPB ($180,000) and last sales price of $260,000 (2008). Note has coupon rate of 9% (variable). With repairs, the units could be quickly released and generate 30% proforma cash on cash returns (subject to actual repair costs which are unknown). Real estate taxes are paid through December 31st, 2016. Buyer will assume a water and receiver legal lien with a Feb 2017 balance of $19,000.