South Walnut Apartments

1230 S Walnut Ave, Demopolis, AL

14.78% return

SP: $995,000

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Property Description

24 TOWNHOMES near Montgomery, AL!

2 story, 2 bed/1 bath units. Central heat and air. Separate electric meters. City water and sewer. Community laundry area. Units rent for $700 PER MONTH!!!! Less than 2 hours from Montgomery, AL and less than 1 hour from Meridian, MS! Schools have above average ratings. Median home value is $143,000. B class area! PROPERTY WILL GENERATE $17,600 A MONTH AND A 14.77% RETURN ON INVESTMENT!! Around the corner from a main road, a hospital and many businesses! WILL APPRAISE AT 1.5MIL AFTER REPOSITIONING BASED ON 8-10% NET RETURN!!!

Property management is in place!!! Financing available!!

Property Information

Listing statusSold
Property typeMulti Family
Total units24
Total bedrooms48
Total bathrooms24
Building size20800 sq. ft.
Lot size1.3 acres
Year built1974

CountyMarengo County
Subdivision
ConstructionBrick/Frame
RoofFlat
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$995,000
Estimated rehab¹$15,000
Total investment$1,010,000

TypeProforma

Gross income (annually)$211,200
Operating expenses (annually)$61,960
Net income (annually)$149,240
Gross return20.91%

Gross income (monthly)$17,600
Operating expenses (monthly)$5,163
Net income (monthly)$12,437
Net return14.78%

Property Income & ExpensesMonthlyAnnual

Income

Laundry Income$800/month$9,600/year
Building 1
Unit 1210: 2 bed / 1 bath$700/month$8,400/year
Unit 1212: 2 bed / 1 bath$700/month$8,400/year
Unit 1214: 2 bed / 1 bath$700/month$8,400/year
Unit 1216: 2 bed / 1 bath$700/month$8,400/year
Unit 1218: 2 bed / 1 bath$700/month$8,400/year
Unit 1220: 2 bed / 1 bath$700/month$8,400/year
Building 2
Unit 1222: 2 bed / 1 bath$700/month$8,400/year
Unit 1224: 2 bed / 1 bath$700/month$8,400/year
Unit 1226: 2 bed / 1 bath$700/month$8,400/year
Unit 1228: 2 bed / 1 bath$700/month$8,400/year
Unit 1230: 2 bed / 1 bath$700/month$8,400/year
Unit 1232: 2 bed / 1 bath$700/month$8,400/year
Building 3
Unit 1234: 2 bed / 1 bath$700/month$8,400/year
Unit 1236: 2 bed / 1 bath$700/month$8,400/year
Unit 1238: 2 bed / 1 bath$700/month$8,400/year
Unit 1240: 2 bed / 1 bath$700/month$8,400/year
Unit 1242: 2 bed / 1 bath$700/month$8,400/year
Unit 1244: 2 bed / 1 bath$700/month$8,400/year
Building 4
Unit 1246: 2 bed / 1 bath$700/month$8,400/year
Unit 1248: 2 bed / 1 bath$700/month$8,400/year
Unit 1250: 2 bed / 1 bath$700/month$8,400/year
Unit 1252: 2 bed / 1 bath$700/month$8,400/year
Unit 1254: 2 bed / 1 bath$700/month$8,400/year
Unit 1256: 2 bed / 1 bath$700/month$8,400/year
Total$17,600/month$211,200/year

Expenses

Electric bill$90/month$1,080/year
Water and Sewer$300/month$3,600/year
Waste Collection$217/month$2,600/year
Insurance (estimated)$1,167/month$14,000/year
Property Taxes$400/month$4,800/year
Lawn care$60/month$720/year
Property Management$1,680/month$20,160/year
Maintenance reserve$1,250/month$15,000/year
Total$5,163/month$61,960/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.