• Lincoln, NE 68502

  • Single Family Home / REO Foreclosure
1 of 1

Property Details for null St, Lincoln, NE 68502

Facts

Description

This is an REO, meaning this property has been foreclosed on because the owner couldn't meet their payments. The bank now owns this property. Most banks are not set up to own homes, and are often motivated to sell you the home at a discounted price.

CAPITOL VIEW APARTMENTS - This income producing multifamily complex has 11 buildings including 180 apartments, 17 garages, and an in-ground pool. Adjacent to Lincolns growing Telegraph District and just blocks from the University of Nebraska campus and a high school, these brick buildings are basically "bunkers" constructed with cement floors and ceilings. 40% of units have been updated. In-Place Cap Rate 4.6%. Stabilized Cap Rate 7.5%. Current NOI $651,520. Newer leases are being signed for 13% higher than existing leases. 2BR=83 units. 1BR=94 units. Studio=3 units. Pricing guidance is $14,000,000 which is $77K/Unit and stabilizes this property at a 7.53% cap in year 3. Must be sold as a package of 11 buildings. Well maintained. Property Manager is willing to continue services.

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