Value Add Apartments
*** ********* ***, ********, AL
15.14% return
SP:
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Property Description

ATTENTION REHABBERS!! This is an amazing opportunity! Property will be worth $50k+ per unit after renovations. 52 apartments. High quality construction. GREAT AREA! Separate electric and water meters. City water and sewer. 28% population growth in the city for the past 20 years!! Units can rent as high as $800-900 a month! 15%+ cap rate is possible!!!! There are two parcels, total of 12 apartment buildings and an office building. 

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units52
  • Total bedrooms96
  • Total bathrooms52
  • Building size37312 sq. ft.
  • Lot size0.0 acres
  • Year built1950 - 1956
  • County******** County
  • Subdivision********** *********
  • ConstructionBrick
  • RoofShingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingWindow Unit
  • CoolingWindow A/C, WIND/WALL UNIT

Property Financial Summary

  • Sale price $1,550,000
  • Estimated rehab 1 $650,000
  • Total investment $2,200,000
  • Type Proforma
  • After repair value $2,600,000
  • Potential profit $400,000
  • Gross income (annually) $432,960
  • Operating expenses (annually) $99,901
  • Net income (annually) $333,059
  • Gross return 19.68%
  • Gross income (monthly) $36,080
  • Operating expenses (monthly) $8,325
  • Net income (monthly) $27,755
  • Net return 15.14%

Property Income & Expenses

  • Income
  • *** ********* ***, Building 1
  • Unit 1: 2 bed / 1 bath $720/month $8,640/year
  • Unit 1: 2 bed / 1 bath $720/month $8,640/year
  • Unit 2: 2 bed / 1 bath $720/month $8,640/year
  • Unit 2: 2 bed / 1 bath $720/month $8,640/year
  • Unit 3: 2 bed / 1 bath $720/month $8,640/year
  • Unit 3: 2 bed / 1 bath $720/month $8,640/year
  • Unit 4: 2 bed / 1 bath $720/month $8,640/year
  • Unit 4: 2 bed / 1 bath $720/month $8,640/year
  • Unit 5: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6: 2 bed / 1 bath $720/month $8,640/year
  • *** ********* ***, Building 2
  • Unit 5: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7: 2 bed / 1 bath $720/month $8,640/year
  • Unit 8: 2 bed / 1 bath $720/month $8,640/year
  • Unit 8: 2 bed / 1 bath $720/month $8,640/year
  • Unit 9: 1 bed / 1 bath $550/month $6,600/year
  • Unit 10: 1 bed / 1 bath $550/month $6,600/year
  • *** ********* ***, Building 3
  • Unit 9: 2 bed / 1 bath $720/month $8,640/year
  • Unit 10: 2 bed / 1 bath $720/month $8,640/year
  • Unit 11: 1 bed / 1 bath $550/month $6,600/year
  • Unit 11: 2 bed / 1 bath $720/month $8,640/year
  • Unit 12: 1 bed / 1 bath $550/month $6,600/year
  • Unit 12: 2 bed / 1 bath $720/month $8,640/year
  • Unit 13: 2 bed / 1 bath $720/month $8,640/year
  • Unit 14: 2 bed / 1 bath $720/month $8,640/year
  • *** ********* ***, Building 4
  • Unit 13: 2 bed / 1 bath $720/month $8,640/year
  • Unit 14: 2 bed / 1 bath $720/month $8,640/year
  • Unit 15: 2 bed / 1 bath $720/month $8,640/year
  • Unit 15: 2 bed / 1 bath $720/month $8,640/year
  • Unit 16: 2 bed / 1 bath $720/month $8,640/year
  • Unit 16: 2 bed / 1 bath $720/month $8,640/year
  • Unit 17: 1 bed / 1 bath $550/month $6,600/year
  • Unit 18: 1 bed / 1 bath $550/month $6,600/year
  • *** ********* ***, Building 5
  • Unit 17: 2 bed / 1 bath $720/month $8,640/year
  • Unit 18: 2 bed / 1 bath $720/month $8,640/year
  • Unit 19: 1 bed / 1 bath $550/month $6,600/year
  • Unit 19: 2 bed / 1 bath $720/month $8,640/year
  • Unit 20: 1 bed / 1 bath $550/month $6,600/year
  • Unit 20: 2 bed / 1 bath $720/month $8,640/year
  • Unit 21: 2 bed / 1 bath $720/month $8,640/year
  • Unit 22: 2 bed / 1 bath $720/month $8,640/year
  • *** ********* ***, Building 6
  • Unit 21: 2 bed / 1 bath $720/month $8,640/year
  • Unit 22: 2 bed / 1 bath $720/month $8,640/year
  • Unit 23: 2 bed / 1 bath $720/month $8,640/year
  • Unit 23: 2 bed / 1 bath $720/month $8,640/year
  • Unit 24: 2 bed / 1 bath $720/month $8,640/year
  • Unit 24: 2 bed / 1 bath $720/month $8,640/year
  • Unit 25: 2 bed / 1 bath $720/month $8,640/year
  • Unit 25: 2 bed / 1 bath $720/month $8,640/year
  • Unit 26: 2 bed / 1 bath $720/month $8,640/year
  • Unit 26: 2 bed / 1 bath $720/month $8,640/year
  • Total $36,080/month $432,960/year
  • Expenses
  • Property Taxes $492/month $5,899/year
  • Gas Utility Bill $1,367/month $16,404/year
  • Insurance $833/month $10,000/year
  • Maintenance reserve $3,333/month $39,998/year
  • Water and Sewer $900/month $10,800/year
  • Property Management $1,400/month $16,800/year
  • Total $8,325/month $99,901/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

Q: Why is the property address and location information hidden?
A: This property is a premium property and is completely off-market. Full access is available to premium clients only. If you are not a premium client, we require to have an executed non-disclosure agreement on file in order to share the property details with you.

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