477- Unit Workforce Multifamily - 40% occupied - Hella Old:1969

I'm considering taking on this assignment as a broker. It's been listed on Loopnet and shopped around for years. Is there ANY hope in selling this complex?

If so, what would be the best strategy and most likely buyer?

13 Comments
 
Most Helpful

How could anyone possibly give you advice on this little information?  Why is it 40% occupied?  Because it's haunted?  Because there is a meth lab next door so no one wants to live there?  Because the mold is so thick on the walls it's essentially structural?

Don't take the assignment if you understand this little about your job

 
Funniest

Alright dude, here’s the play: selling this gnarly 477-unit workforce pad from ’69, even though it’s only, like, 40% stoked with tenants, ain’t hella complicated. You just gotta lean into the value-add vibes. This place is a straight-up diamond in the rough, primo for some investor who’s down to ride the reno wave and get pitted in potential. I’m talking buried in trim. Talk up the bones: solid structure, retro charm, all that vintage mojo. Then throw down the vision: evicting the dorks, jacking up rent, and catching that cashflow swell once it’s back to being totally tubular. Just find a buyer who’s not afraid to drop in on a heavy lift for a sick payoff. 

...but is it REPE?
 

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