163 Pierce Street, Kinston, AL

12.39% return

SP: $275,000

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Property Description

Great turnkey property!

6 building on 3 acres. 1 Triplex, 2 Duplexes & 3 Single Family Homes. Only 1 unit is vacant. Potential to increase rents. Good condition, no deferred maintenace. Across the street from a school. Nice area. Property management is available. High returns on investment.

Property Information

Listing statusSold
Property typeMulti Family
Total units10
Total bedrooms20
Total bathrooms10.5
Building size8411 sq. ft.
Lot size3.0 acres
Year built1965

CountyCoffee County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSeptic
HeatingELECTRIC, ENG F AIR
CoolingWindow A/C

Property Financial Summary

Sale price$275,000
Estimated rehab¹$0
Total investment$275,000

TypeProforma

Gross income (annually)$50,400
Operating expenses (annually)$16,335
Net income (annually)$34,065
Gross return18.33%

Gross income (monthly)$4,200
Operating expenses (monthly)$1,361
Net income (monthly)$2,839
Net return12.39%

Property Income & ExpensesMonthlyAnnual

Income

Duplex #1
Unit 715: 2 bed / 1 bath$450/month$5,400/year
Unit 717: 2 bed / 1 bath$375/month$4,500/year
Duplex #2
Unit 729: 2 bed / 1 bath$350/month$4,200/year
Unit 731: 2 bed / 1 bath$475/month$5,700/year
House #1
Unit 721: 3 bed / 1 bath$450/month$5,400/year
House #2
Unit 739: 3 bed / 1 bath$450/month$5,400/year
House #3
Unit 747: 3 bed / 1.5 bath$550/month$6,600/year
Triplex
Unit 163: 1 bed / 1 bath$400/month$4,800/year
Unit 165: 1 bed / 1 bath$350/month$4,200/year
Unit 167: 1 bed / 1 bath$350/month$4,200/year
Total$4,200/month$50,400/year

Expenses

Lawn care$200/month$2,400/year
Property Management$420/month$5,040/year
Property Taxes$116/month$1,395/year
Insurance$208/month$2,500/year
Maintenance reserve$417/month$5,000/year
Total$1,361/month$16,335/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.