Central NC Property Management Company

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Great Addition to Existing Property Management Portfolio or Standalone
Asking Price:
$600,000

Gross Revenue:
$350,136
Cash Flow:
$204,759
(Seller's Discretionary Earnings)

EBITDA:
 Not Disclosed
Inventory:
 Not Disclosed

FF&E:
$6,000
included in asking price

Real Estate:
 Not Disclosed

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Business Description

A well-established, reputable Property Management company currently managing approximately 400 units in Central NC. In operation for more than 25 years, the company has a portfolio consisting of single family homes, duplexes, triplexes, quads and some small apartment complexes. The company provides management to approximately 100 owner entities, has great client retention and an excellent reputation in the local industry. 2017 Tax returns are for the year ended 9/30/2018.

About the Business

Location:
North Carolina
Year Established:
1986
Number of Employees:
3 FT/1 PT
Relocatable:
Yes
Facilities:
The company currently rents about 760 square feet in a small commercial office building. The $500/month lease expires at the end of August, 2019. It is assignable and a long-term lease for a buyer should be available.
Market Outlook/
Competition:
There are a number of property management companies in the Central NC area. This is reflective of the strong property rental market - estimated well over 60,000 rental units.
Growth & Expansion:
Opportunities for increased revenues and improved margins exist if a new owner wanted to offer full brokerage services. Services not offered by existing ownership include: property sales (currently, if existing clients decide to liquidate properties, these sales are referred to outside listing agencies); an in-house maintenance staff (currently, outsourced); assist existing tenants purchase homes (currently, referred to outside listing agencies); commercial services (currently, not offered). Also, if the new owner should endeavor to solicit new business from property owners in the area, there could be substantial growth from such efforts. The current owner has only been accepting new business from word-of-mouth referrals for the past few years, as handling the current base of business has been an adequate full-time effort given the size of business he desired to be.
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About the Sale

Reason For Selling:
Retirement.
Training/Support:
Will train for 4 weeks @ $0 cost.
The products and services of the company are real estate-related and possession of a North Carolina Real Estate Brokers License practicing under, or as, a Broker in Charge is required. Property management experience is a must.

Services Provided:

Residential property management services including evaluation of rental units, marketing & advertising, tenant screening, lease negotiation & enforcement, maintenance coordination & oversight, court proceedings when necessary. Full accounting monthly to owners and issuance of 1099 reporting at year end. Sophisticated online software utilized. Also provide tenant acquisition services where day to day management is left to owner.
Seller Financing:
$540k down/$60k for 120 mos. @ 7.75%.

Listing Info

ID:
1644287
Ad Detail Views:
0

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Business Listed by

Rob Melhem

Murphy Business & Financial Corporation

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Sponsoring Broker:

Ron Buck
Murphy Business & Financial Corporation


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