40 Vernon Street - Taunton OM

03

EXECUTIVE SUMMARY

MULTIFAMILY INVESTMENT OPPORTUNITY

NAI HUNNEMAN’S CAPITAL MARKETS GROUP has been exclusively retained to sell the Washington House Apartments located in Taunton, MA. The 14-unit apartment building is an affordable housing development for seniors and handicapped individuals. The unit mix includes ten (10) one-bedroom units and four (4) studio units located within a former schoolhouse building that was renovated in 1984. The 39,640 ± SF (0.91 acre) lot is improved with the brick apartment building and includes off-street parking for fourteen vehicles. WASHINGTON HOUSE APARTMENTS IS AVAILABLE FOR SALE WITH AN ASKING PRICE OF $1,200,000.

UNIT MIX

# OF UNITS

SIZE (SF)

$/MONTH

1-bedroom units

10

670 550

$1,022

Studio units

4

$889

TOTALS

14

8,900

$13,776

PROJECT BASED SECTION 8 Washington House Apartments currently has an existing Section 8 Project-based contract, providing subsidy for all 14 (100%) of the residential units. The 20-year contract began on 10/19/2014 and shall expire on 10/18/2034. The rental income includes monthly housing assistance payments and a portion paid by the tenants. The tenant’s portion represents 30% of their annual income.

RECENT IMPROVEMENTS The building has been well-maintained and there have been several large capital improvements made in recent years including new windows, new heating system, and painting in 2015; and roof/tower repairs made in 2008. The improvements cost over $120,000.

CASH FLOW INVESTMENT Washington House Apartments is a great

opportunity for an investor to purchase a fully occupied apartment building with existing cash flow. Upside exists through potential future rent increases and efficient management of expenses.

40 VERNON STREET / TAUNTON, MA