Primary Category:Property Management Businesses for Sale
EXCELLENT OPPORTUNITY TO AQUIRE ESTABLISHED RESIDENTIAL CONDO ASSOCIATION MANAGEMENT CONTRACTS - 416 DOORS
The company has a 38-year history in the industry, with 416 residential condo units under management and an average ongoing contract length of 18 years. There are 12 buildings in the portfolio, ranging in size from 12 units to 84 units, with an average property size of around 35 units per property. Management contracts are annual and automatically renew each year unless canceled, with a scheduled 3% annual increase in the management fee.
The buyer for this business MUST be in the Property Management Industry and have the experience to successfully transition these condo associations into their existing portfolio. Neither the current management company nor their company name is included in the sale, so the buyer would take over management of these associations using the buyer’s existing company name and brand.
The seller is offering the necessary support, training, and transition period to aid in a successful transition for the incoming buyer.
Annual management fees, application fees for rentals and sales of units, estoppel fees, and questionnaire fees for the sale or refinancing of units are expected to be $254,465 in 2023, with for oversight fees of for supervising property improvements, including concrete restoration of $57,343
*Concrete Restoration should generate increased revenues due to Florida law changes that require milestone inspections of structural components by 12/31/24), elevator modernization, roof replacement, fire system upgrades, seawall repairs, electric system upgrades, among others.
*This listing ONLY applies to a sale of the Seller’s existing residential condominium management contracts. The company name,
employees, operating costs, office space, or FF&E are included in the sale. The expenses related to managing these residential condo associations will differ depending on the buyer's current infrastructure and should be analyzed based on the buyer's understanding of the industry.
There is a significant opportunity to increase the condo management portfolio. The seller receives, on average, two inquiries per month from associations requesting a proposal for condo management. However, as the seller is not in an expansion mode, the seller has chosen not to pursue these opportunities, but the opportunity is there for a new buyer coming in.
This Florida based business for sale is presented by Sunbelt Business Brokers of South Florida, a division of SUNBELT, the largest organization of business brokers and M&A professionals in the world. With a local presence and global marketing reach, Sunbelt Business Brokers of South Florida has provided main-street and lower middle market business owners and buyers with unsurpassed deal expertise for nearly 20 years. For more information on this business for sale contact David Carson at [email protected] or (949) 339-1500.
Financial Information
$260,000
Asking Price
$139,924
Cash Flow
$311,808
Gross Revenue
$260,000
Down Payment
Business Location
City:
Confidential
State:Florida
Reason for Sale
Sale of residential condo property management contracts
Well Established Property Management Company-Overseeing 3,267 doors across 15 Associations Exceptional opportunity to acquire a turnkey Property Management business with...
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