Turnkey Apartments
*** ********* ***, ********, AL
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12.73% return
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Property Description

Amazing Investment! High returns, easy to manage.

24 unit apartment complex. Completely turnkey. Most are rented at $550/month with the exception of some long term tenants who've been there since property was built. Rents can be increased to $600/month. Each unit is 2bed/1bath, 900 sq ft with central heat and air. Separate electric meters. City water and sewer. Built in 1995. No deferred maintenance. Roof and porches replaced 6 years ago. Half of the units are renovated. Appraised at 1mil previously. Lots of growth in the area. Many projects are coming to the county. Not a depressed part of the state, close to Birmigham, AL. Property management is available. 

Property Information

  • Listing statusActive
  • Property typeMulti Family
  • Total units24
  • Total bedrooms48
  • Total bathrooms24
  • Building size21600 sq. ft.
  • Lot size1.3 acres
  • Year built1995
  • County******** County
  • Subdivision********** *********
  • ConstructionFrame
  • RoofShingle
  • Water sourceCity
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Asking price $849,900
  • Estimated rehab 1 $0
  • Total investment $849,900
  • Type Proforma
  • Gross income (annually) $158,400
  • Operating expenses (annually) $50,193
  • Net income (annually) $108,207
  • Gross return 18.64%
  • Gross income (monthly) $13,200
  • Operating expenses (monthly) $4,183
  • Net income (monthly) $9,017
  • Net return 12.73%

Property Income & Expenses

  • Income
  • Building 1
  • Unit 1: 2 bed / 1 bath $550/month $6,600/year
  • Unit 2: 2 bed / 1 bath $550/month $6,600/year
  • Unit 3: 2 bed / 1 bath $550/month $6,600/year
  • Unit 4: 2 bed / 1 bath $550/month $6,600/year
  • Unit 5: 2 bed / 1 bath $550/month $6,600/year
  • Unit 6: 2 bed / 1 bath $550/month $6,600/year
  • Unit 7: 2 bed / 1 bath $550/month $6,600/year
  • Unit 8: 2 bed / 1 bath $550/month $6,600/year
  • Building 2
  • Unit 9: 2 bed / 1 bath $550/month $6,600/year
  • Unit 10: 2 bed / 1 bath $550/month $6,600/year
  • Unit 11: 2 bed / 1 bath $550/month $6,600/year
  • Unit 12: 2 bed / 1 bath $550/month $6,600/year
  • Unit 13: 2 bed / 1 bath $550/month $6,600/year
  • Unit 14: 2 bed / 1 bath $550/month $6,600/year
  • Unit 15: 2 bed / 1 bath $550/month $6,600/year
  • Unit 16: 2 bed / 1 bath $550/month $6,600/year
  • Building 3
  • Unit 17: 2 bed / 1 bath $550/month $6,600/year
  • Unit 18: 2 bed / 1 bath $550/month $6,600/year
  • Unit 19: 2 bed / 1 bath $550/month $6,600/year
  • Unit 20: 2 bed / 1 bath $550/month $6,600/year
  • Unit 21: 2 bed / 1 bath $550/month $6,600/year
  • Unit 22: 2 bed / 1 bath $550/month $6,600/year
  • Unit 23: 2 bed / 1 bath $550/month $6,600/year
  • Unit 24: 2 bed / 1 bath $550/month $6,600/year
  • Total $13,200/month $158,400/year
  • Expenses
  • Property Taxes $483/month $5,793/year
  • Water and Sewer $1,400/month $16,800/year
  • Waste Collection $300/month $3,600/year
  • Maintenance reserve $1,000/month $12,000/year
  • Insurance $1,000/month $12,000/year
  • Total $4,183/month $50,193/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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