Atmore Apartments Portfolio

156 Patterson Street, Atmore, AL

16.53% return

SP: $2,250,000

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Property Description

INSANE OPPORTUNITY!!!!!

77 units. 18 buildings on 3 parcels. 23 x 1bed/1bath, 31 x 2bed/1bath, 17 x 3bed/1bath, 6 x 4bed/1bath units. Potential to increase rents to up to $1000 per unit after cosmetic improvements!!!! Brick construction. Separate electric and water meters, tenants pay all utilities. City water and sewer. Central heat and air. Long term tenants. 17 units are on section 8 program. Minutes away from Wind Creek Casino & Hotel Atmore. One hour away from Mobile, AL and Pensacola, FL. Property will generate a 16.53% NET RETURN ON INVESTMENT!! Over a MILLION DOLLARS in equity after repairs!!! Property can be purchased as a whole or in packages of 48, 14 and 15 units. Renovation crew is available to work on these units.

Professionally managed. Financing is available.

Property Information

Listing statusSold
Property typeMulti Family (3 properties)
Total units77
Total bedrooms160
Total bathrooms77
Building size65122 sq. ft.
Lot size7.0 acres
Year built1971

CountyEscambia County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral Heat, Window Unit
CoolingCentral air, Window A/C

Property Financial Summary

Sale price$2,250,000
Estimated rehab¹$892,000
Total investment$3,142,000

TypeProforma
After repair value$4,235,000
Potential profit$1,093,000

Gross income (annually)$690,600
Operating expenses (annually)$171,165
Net income (annually)$519,435
Gross return21.98%

Gross income (monthly)$57,550
Operating expenses (monthly)$14,264
Net income (monthly)$43,286
Net return16.53%

Property Income & ExpensesMonthlyAnnual

Income

156 Patterson Street, bldg 1
Unit 104: 3 bed / 1 bath$850/month$10,200/year
Unit 106: 3 bed / 1 bath$850/month$10,200/year
Unit 108: 3 bed / 1 bath$850/month$10,200/year
Unit 110: 3 bed / 1 bath$850/month$10,200/year
156 Patterson Street, bldg 10
Unit 63: 2 bed / 1 bath$750/month$9,000/year
Unit 65: 2 bed / 1 bath$750/month$9,000/year
Unit 67: 2 bed / 1 bath$750/month$9,000/year
Unit 69: 2 bed / 1 bath$750/month$9,000/year
156 Patterson Street, bldg 11
Unit 61: 2 bed / 1 bath$750/month$9,000/year
Unit 63: 2 bed / 1 bath$750/month$9,000/year
156 Patterson Street, bldg 12
Unit 65: 2 bed / 1 bath$750/month$9,000/year
Unit 67: 2 bed / 1 bath$750/month$9,000/year
Unit 69: 2 bed / 1 bath$750/month$9,000/year
Unit 71: 2 bed / 1 bath$750/month$9,000/year
156 Patterson Street, bldg 2
Unit 112: 3 bed / 1 bath$850/month$10,200/year
Unit 114: 3 bed / 1 bath$850/month$10,200/year
Unit 116: 3 bed / 1 bath$850/month$10,200/year
Unit 118: 3 bed / 1 bath$850/month$10,200/year
156 Patterson Street, bldg 3
Unit 120: 3 bed / 1 bath$850/month$10,200/year
Unit 122: 3 bed / 1 bath$850/month$10,200/year
Unit 124: 3 bed / 1 bath$850/month$10,200/year
Unit 126: 3 bed / 1 bath$850/month$10,200/year
156 Patterson Street, bldg 4
Unit 128: 4 bed / 1 bath$1,000/month$12,000/year
Unit 130: 4 bed / 1 bath$1,000/month$12,000/year
Unit 132: 4 bed / 1 bath$1,000/month$12,000/year
Unit 134: 4 bed / 1 bath$1,000/month$12,000/year
156 Patterson Street, bldg 5
Unit 136: 3 bed / 1 bath$850/month$10,200/year
Unit 138: 3 bed / 1 bath$850/month$10,200/year
Unit 140: 3 bed / 1 bath$850/month$10,200/year
Unit 142: 3 bed / 1 bath$850/month$10,200/year
Unit 144: 3 bed / 1 bath$850/month$10,200/year
156 Patterson Street, bldg 6
Unit 146: 2 bed / 1 bath$750/month$9,000/year
Unit 148: 2 bed / 1 bath$750/month$9,000/year
Unit 150: 2 bed / 1 bath$750/month$9,000/year
Unit 152: 2 bed / 1 bath$750/month$9,000/year
Unit 154: 2 bed / 1 bath$750/month$9,000/year
156 Patterson Street, bldg 7
Unit 158: 4 bed / 1 bath$1,000/month$12,000/year
Unit 160: 4 bed / 1 bath$1,000/month$12,000/year
Unit 162: studio / 1 bath$0/month$0/year
Unit 154b: studio / 1 bath$0/month$0/year
156 Patterson Street, bldg 8
Unit 162: 2 bed / 1 bath$750/month$9,000/year
Unit 164: 2 bed / 1 bath$750/month$9,000/year
Unit 166: 2 bed / 1 bath$750/month$9,000/year
Unit 168: 2 bed / 1 bath$750/month$9,000/year
156 Patterson Street, bldg 9
Unit 170: 2 bed / 1 bath$750/month$9,000/year
Unit 172: 2 bed / 1 bath$750/month$9,000/year
Unit 174: 2 bed / 1 bath$750/month$9,000/year
Unit 176: 2 bed / 1 bath$750/month$9,000/year
200 Patterson Street, bldg 1
Unit 200: 1 bed / 1 bath$650/month$7,800/year
Unit 202: 1 bed / 1 bath$650/month$7,800/year
Unit 204: 1 bed / 1 bath$650/month$7,800/year
Unit 206: 1 bed / 1 bath$650/month$7,800/year
Unit 208: 1 bed / 1 bath$650/month$7,800/year
200 Patterson Street, bldg 2
Unit 210: 1 bed / 1 bath$650/month$7,800/year
Unit 212: 1 bed / 1 bath$650/month$7,800/year
Unit 214: 1 bed / 1 bath$650/month$7,800/year
Unit 216: 1 bed / 1 bath$650/month$7,800/year
Unit 218: 1 bed / 1 bath$650/month$7,800/year
200 Patterson Street, bldg 3
Unit 220: 1 bed / 1 bath$650/month$7,800/year
Unit 222: 1 bed / 1 bath$650/month$7,800/year
Unit 224: 1 bed / 1 bath$650/month$7,800/year
Unit 226: 1 bed / 1 bath$650/month$7,800/year
Unit 228: 1 bed / 1 bath$650/month$7,800/year
201 Patterson Street, bldg 1
Unit 201: 2 bed / 1 bath$750/month$9,000/year
Unit 203: 2 bed / 1 bath$750/month$9,000/year
Unit 205: 2 bed / 1 bath$750/month$9,000/year
Unit 207: 2 bed / 1 bath$750/month$9,000/year
201 Patterson Street, bldg 2
Unit 209: 2 bed / 1 bath$750/month$9,000/year
Unit 211: 2 bed / 1 bath$750/month$9,000/year
Unit 213: 2 bed / 1 bath$750/month$9,000/year
Unit 215: 2 bed / 1 bath$750/month$9,000/year
201 Patterson Street, bldg 3
Unit 217: 1 bed / 1 bath$650/month$7,800/year
Unit 219: 1 bed / 1 bath$650/month$7,800/year
Unit 221: 1 bed / 1 bath$650/month$7,800/year
Unit 223: 1 bed / 1 bath$650/month$7,800/year
Unit 225: 2 bed / 1 bath$750/month$9,000/year
Unit 227: 2 bed / 1 bath$750/month$9,000/year
Total$57,550/month$690,600/year

Expenses

Property Taxes$834/month$10,007/year
Insurance (estimated)$1,563/month$18,750/year
Electric bill$690/month$8,280/year
Waste Collection$1,900/month$22,800/year
Property Management$4,604/month$55,248/year
Maintenance reserve$4,183/month$50,200/year
Lawn care$490/month$5,880/year
Total$14,264/month$171,165/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.