Selling Your Fort Walton Beach Apartment Complex? Get Ready for Questions from Buyers
Are you thinking of selling your Fort Walton Beach Florida apartment complex or multi-family, duplex, triplex, four-plex etc?
- What is the apartment complex occupancy rate?
- What are the rents?
- Are all the rents for each apartment the same?
- Do the rents correspond with unit sizes?
- How long have the tenants been there?
- Are the leases on month-month, six month, one year or other?
- Are any rents paid in advance? If so, is there a discount for advance payment of rents?
- What is the main source of the tenants for the Fort Walton Beach area apartment complex? Is there a specific industry drawing tenants? If so, is the industry cyclical (such as tourism) or is the industry growing or declining? For example, if a new manufacturing plant is being built, that would be very attractive to a landlord. However, if companies are shutting down, that would be a negative.
- May I have the last three years profit and loss statements?
- What condition is the roof? If the roof age is questionable, have a roofer inspect it prior to selling, repair if necessary and give a life expectancy statement. If you don’t wish to do so, get bids for roof replacement from three reputable roofers, as the buyer certainly will if it’s in question. This will save you valuable time during the buyer’s feasibility period.
- What improvements have been done to the apartments?
- How old are the air conditioning units?
- How is the plumbing? How old is the plumbing?
- What does the area look like? Is it near new shopping, old shopping, schools, water?
- Are there other apartment complexes nearby?
- Are there vacant lots adjacent to the apartments or multi-family units? If so, what is the intended use of the adjacent parcels?
- What does the apartment complex owner pay for? Water, sewer? Garbage? What is the cost for each?
- Is flood insurance required? Has the property ever flooded?
- What are the other insurance costs for the apartments? If insurance is high, why?
- Is there a survey for the apartment complex? Can more units be built? What is the zoning?
- Has there been any construction done without a permit?
- Repairs or renovations to the apartment complex or multi’s such as electrical wiring not done to code?
- Are there leaky windows, doors, or pipes?
- Is there any mold? Has mold been remediated in the past?
- Is there lead paint? Was the property built before 1978?
- Termite issues? Is there wood rot on the exterior of the apartment complex? Wood rot is very common in Northwest Florida.
- Has there been any property line or zoning disputes?
- Neighbor issues?
- Is there noise from airports or other affecting the property?
- Have deaths occurred at the Fort Walton Beach apartment complex?
- Are there any liens on this property?
- Is there protected wild life that has prevented building around the complex?
- Is there weather damage to any of the units?
- Has the soil been tested for development?
- Has there been an offer on the apartment complex or contract that fell through? If so, why?
- Why is the apartment complex owner selling?
- What were the recent and past capital improvements, capital expenditures (CapEx) for the multi-family apartment complex?
- Do you have a platform online to attract tenants?
- Do you have an apartment complex Facebook account for your Fort Walton Beach multi-family?
- Do you have a website?
- Do you have a 1-800 number?
These are just some questions you should be prepared to answer if you want to sell your Fort Walton Beach area apartment complex.
Are you looking for professional assistance in selling your apartments or multi-family units? Give me a call.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, DeFuniak Springs and Freeport, Florida.
It’s Wendy… It’s Sold!
