A Cash-Cow Property with huge 10.64% Current Cap Rate with ......-It is a cash-cow income generating...

12-Plex Residential Property Close to Downtown Pittsbugh

12-Units (plus one liquor bar)2114-2120 Bedford Ave.Pittsburgh, PA 15219

EXCLUSIVE LISTING

A Cash-Cow Property with huge 10.64% Current Cap Rate with a Pro-forma Cap Rate of 11.23%

[Please don’t disturb tenants]

12-Plex – 2114-2120 Bedford Ave, Pittsburgh, PA 15219

Confidentiality Agreement

THIS IS A CONFIDENTIAL MEMORANDUM intended solely for your own limited use in considering whether to pursue negotiations to acquire thesubject property.

This confidential memorandum contains brief, selected information pertaining to the business and affairs of Owner, R&R Penn Assets LLC. Thismemorandum does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. Neither Owner, nor any oftheir officers, employees or agents make any representation of warranty, expressed or implied, as to the accuracy or completeness of this confidentialmemorandum or any of its contents and no legal liability is assumed or to be implied with respect thereto. The information contained herein is not asubstitute for a thorough due diligence investigation. All potential buyers must take appropriate measures to verify all of the information set forth herein.

By acknowledgement of your receipt of this confidential memorandum, you agree that the memorandum and its contents are confidential, that you will holdand treat it in the strictest of confidence, that you will not, directly or indirectly, disclose or permit anyone else to disclose this memorandum or its contents toany other person, firm or entity without prior written consent of Owner’s agents with R&R Penn Assets LLC, and that you will not use or permit to be usedthis memorandum or its contents in any fashion or manner detrimental to the interest of Owner.

R&R Penn Assets LLC EXPRESSLY RESERVE THE RIGHT AT THEIR SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OREXPRESSIONS OF INTEREST IN THE PROPERTY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANY TIME WITH ORWITHOUT NOTICE.

If you do not wish to pursue negotiations leading to this acquisition, kindly return this confidential memorandum to R&R Penn Assets LLC.

THIS CONFIDENTIAL MEMORANDUM SHALL NOT BE DEEMED A REPRESENTATION OF THE STATE OF AFFAIRS OF THEPROPERTY OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THEPROPERTY SINCE THE DATE OF PREPARATION OF THIS MEMORANDUM. IN ADDITION, WHERE TERMS OF A SIGNEDCONFIDENTIALITY AGREEMENT PROVIDED BY OWNER DIFFER FROM TERMS CONTAINED HEREIN, THE SIGNEDCONFIDENTIALITY AGREEMENT SHALL PREVAIL.

Interior Photos


Area Map


Property Highlights

- It is a cash-cow income generating property- Incredible Downtown Location-Potential for conversion to Airbnb due to its proximity to downtown

-Liquor bar for Party rental or private use

-Excellent Occupancy History (100% occupant)-Well-Maintained Property-Rental Upside-Private Porch Spaces & Balconies-Laundry hook ups available

Property

With its immaculate location and upside future potential, currently this cash-cow property can turn into a monster income generating property down the road. All the surroundings area are seeing gentrification and huge renovation. Owner has done many upgrades and leaves lots of potential for future buyers.

Located very close to Downtown Pittsburgh, the subject property offers 12 traditional apartment units with anadditional liquor bar facility (basement of one section of the building) which can be used for party rental, private partyor get together. Built as a large multi-family property, this building resides within blocks of downtown, popularretail shops, gourmet restaurants, Downtown Central Business District and is located just opposite to newly builtand spectacular looking Bedford Hill Apartment. Tenants enjoy spectacular views of Downtown Pittsburgh.

The whole building is divided into 4 parts, namely 2114, 2116, 2118 and 2120. Each section consists of a3bd/1ba upstairs unit, a 2bd/1ba 1st floor unit, a 1bd studio with 1 full bath rear unit. Each unit has basementaccess. All 3bd/1ba and 2bd/1bath has its own balcony and rear access. Most of the units have been renovatedwith new floors and baths. The upstairs units (3bd/1ba) enjoy increased natural lighting. Buyer can potentially workwith city to convert the zoning for each section and sell each section as 3-unit residential property for even upsidesell-ability.

With rental upside and significant appreciation in this sought after location, this property provides an investor theunique opportunity to obtain an income producing property in a historic close-in downtown Pittsburgh location.


12 Plex– 2114-2120 Bedford Ave, Pittsburgh, PA 15219

Investment Summary

Taxes

Insurance

Utilities

Repairs/Maintenance

2018

2018

2018

Est.

$3565

$2000

$8400

$6240

2..8%

1.6%

6.7%

4.9%

Est $3565

Est $2000

Est $8400

Est $6240

2.6%

1.5%

6.2%

4.6%

TOTAL EXPENSES: $20,205 16.18% $20,205 15.08%Total Expenses / Unit: $1683.75 $5,604

Total Expenses / SF: $1.68 $7.24

Annualized Operating Data Annualized Expenses

INCOME EXPENSESCurrent Pro-Forma Current/Est. Pro-Forma

Scheduled Rent Income:

Scheduled Gross Income:

Less: Vacancy:

$124812$124812

($3744) 3.00%

$133932$133932

($4018) 3.00%

Effective Gross Income: $121068 $129914

Less: Expenses: ($20,205) 16.18% ($28,022) 15.08%

Net Operating Income: $100,863 $109,709

Annual Debt Service: ($46,864) ($46,864)

Cash Flow: $53999 22.26% $62845 25.91%

Equity Build-up First Year: $29100 3% $29100 3%

Total Return: $83099 34.26% $91945 37.91%

Summary Location

Value:

Number of Units:

$970,000

12

2114-2120 Bedford AvePittsburgh, PA 15219

Proposed Financing Summary

Approx Building SF: 12000 New 75/25 residential loan in the amount of $727,500 at 5.00%Approx Price/SF: $80.83 Principal & Interest payments amortized over 30 years due in 7 years.Current Cap Rate: 10.64%

Pro-Forma Cap Rate: 11.23%

Additional Information

Current DCR: 2.15

GRM: 7.77

Gas and Electric paid by tenants. Owner pays for Water for all apartments and all utilities in 2120 Bedford, Fl2

Tenant pays Gas+ElectricOwner pays water

Owner pays all utilities

Tenant pays ElectricOwner pays Water+Gas

Property Current Proforma2114 Bedford 1st floor 860 900

2114 Bedford 2nd floor 867 1000

2114 Bedford rear 600 650

2116 Bedford 1st floor 887 900







2120 Bedford 2nd floor Room1 550 550





Total 10426 11161

Rent Schedules

A Cash-Cow Property with huge 10.64% Current Cap Rate with ......-It is a cash-cow income generating...

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