837 Portsmouth Ave, Bristol, VA 24201

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Building Details:

• Year Built: 1971

Attractive, all-brick, PERFORMING section 8 property, built in 1971. * Good mix of 1, 2 & 3-BR Units. 6 buildings plus a common building with the Office, Laundry and Maintenance. * All new roofs & Windows. Park-like setting. * 65 units (68%) are under a HUD HAP Project-based rent subsidy contract. The remaining 31 units are rented to market or voucher tenants. * 100% Occupancy on the HAP units, 7 open market units * HAP Contract through 2/28/2014. These are typically renewed for 5 years.

Financing: non-insured (no HUD Loan to assume.) Seller has non-assumable, conventional financing. That lender is interested in a new loan to a buyer. Very low, verifiable operating costs: Examples: Tenants pay electric (including heating/cooling); no county property taxes, No trash hauling costs to owner since it is provided by the city.

Annual Financial Audit
June 2009 REAC (Inspection) Score: 91 (excellent)
See links to download the flyer and a confidentiality agreement now.