Cash Buyer Of Apartments
We all know the benefits of owning income property-- rental income, tax benefits and appreciation over time, to name a few. But there are downsides to consider as well. Owning rentals can be time consuming, there are uneven cash flows from delinquent rent, dealing with bad tenants and overall real estate market volitility. If owning rentals has you exhausted, Urban Street stands ready to provide a fair market price for your property.
Urban Street Buys Irvine Apartments
At Urban Street, we structure our cash offers to best fit the seller's needs. We understand that landlords encounter many different scenarios during their lifetime--some requiring them to raise cash quickly.
- Tenant Issues
- Property Violations
- Probate Sale
- Job Relocation
- Short Sale
- Hoarder House
- Fire Damage
- Mold Damage
- Need Quick Cash
- Avoid Public Exposure
- Late On Mortgage Payments
Urban Street Makes Selling An Apartment Hassle Free
ANY PROPERTY CONDITION
We buy apartments in as is condition. It doesn't matter if what shape your property is in. We are experienced buyers who work with heavy rehab, fire damage, mold, etc., on a regular basis.
VACANT OR OCCUPIED
We buy apartment buildings with or without tenants. If all or some units are occupied, we will need to get rent data in order to generate a cash offer.
If you need to sell quickly in order to raise cash, we can close fast. We have real cash, so no need to search for money. You let us know what escrow period you need and we'll make it happen.
If some tenants are troublesome or are not paying rent, that is ok. We are prepared to tackle those issues after close of escrow. We are very familiar with eviction law and rent control.
Traditional Way To Sell An Apartment
INTERVIEW LISTING BROKERS
BUYER SHOWINGS BOTHER TENANTS
APPRAISAL MAY COME IN LOW
SIGNIFICANT COMMISSIONS AND CLOSING COSTS
DURING ESCROW BUYER ASKS FOR PRICE DROP OR BUYER CREDIT
The Urban Street Ventures
NO LISTING BROKER NECESSARY
ONE QUICK WALK-THRU OF UNITS
NO APPRAISAL NEEDED
NO COMMISSIONS. CLOSING COSTS NEGOTIABLE
STRAIGHTFORWARD OFFER WITH MINIMAL CONTINGENCIES
Apartment Buying FAQ's
How fast can you close?
We can close within 30 days. If you are facing a time-sensitive sale due to an impending foreclosure or another matter, we can speed up the process and close escrow sooner, if needed.
Does it matter what my occupancy rate is?
Your occupancy rate, the ratio of rented apartments to the total number of apartment units, does not matter to us. We are just as happy to buy a fully occupied apartment as we are a fully vacant property.
Do you have a minimum or a maximum number of apartment units required?
No, we do not have any requirements on minimum or maximum number of apartment units. We buy all types of real estate rental types, including duplexes, small apartment buildings, and large apartment buildings.
Does it matter what class my apartment building is designated as?
No, it does not matter. We know that apartment buildings come in a variety of forms, and we are interested in all apartment complexes, regardless of their class designation. These include:
- Class “A:” Newer rentals with first-class amenities.
- Class “B:” Up to 20 years old, with few amenities.
- Class “C:” Up to 30 years old, in need of repairs.
- Class “D:” Over 30+ years old. Needs repairs.
What if my apartment offering is in rent control?
Rent control is a growing fact of life in California. Many local municipalities are jumping on the band wagon and instituting their own version of rent control. At the state level, California passed AB 1482 which instituted state rent control. Urban Street is well versed in rent control and welcomes the opportunity to purchase rent controlled apartments.
what do you look for when underwriting an apartment deal?
We look at several key metrics. Some of the most important are:
- Current rents versus market rents
- Bedroom/bath count of each apartment unit
- Property condition
- Gross Rent Multiplier and Cap Rate
- Average Unit Size