209-24 Apache Drive, Enterprise, AL
14.71% return
SP:
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Property Description

Amazing Investment Opportunity! Minutes Away From Opportunity Zone. No Deferred Maintenance Needed. 8 Unit Apartment Complex In A Consistent Subdivision. Great Curb Appeal. Rented Below Market. Central Heat And Air Units. Separate Electric Meters. City Water And Sewer. City Is Located Close To Pensacola,FL. Growing Area. Part Of A Package Of 16 Units. Enterprise, Alabama Is A Gateway To Fort Rucker And The Gulf Of Mexico, As Well As The Home Of The Only Monument In The World Dedicated To An Insect. Enterprise Is Filled With A Broad Array Of Different Attractions, Such As Restaurants, Museums, Art Centers, And Miniature Golf.

Property Information

  • Listing statusSold
  • Property typeMulti Family
  • Total units8
  • Total bedrooms8
  • Total bathrooms8
  • Building size4968 sq. ft.
  • Lot size14.1 acres
  • Year built1983
  • CountyCoffee County
  • Subdivision
  • ConstructionBrick/Frame
  • RoofShingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingCentral
  • CoolingCentral air

Property Financial Summary

  • Sale price $240,000
  • Estimated rehab 1 $0
  • Total investment $240,000
  • Type Proforma
  • Gross income (annually) $43,200
  • Operating expenses (annually) $7,901
  • Net income (annually) $35,299
  • Gross return 18.00%
  • Gross income (monthly) $3,600
  • Operating expenses (monthly) $658
  • Net income (monthly) $2,942
  • Net return 14.71%

Property Income & Expenses

  • Income
  • Unit 1: 1 bed / 1 bath $450/month $5,400/year
  • Unit 2: 1 bed / 1 bath $450/month $5,400/year
  • Unit 3: 1 bed / 1 bath $450/month $5,400/year
  • Unit 4: 1 bed / 1 bath $450/month $5,400/year
  • Unit 5: 1 bed / 1 bath $450/month $5,400/year
  • Unit 6: 1 bed / 1 bath $450/month $5,400/year
  • Unit 7: 1 bed / 1 bath $450/month $5,400/year
  • Unit 8: 1 bed / 1 bath $450/month $5,400/year
  • Total $3,600/month $43,200/year
  • Expenses
  • Property Taxes $79/month $950/year
  • Insurance $208/month $2,500/year
  • Waste Collection $34/month $411/year
  • Maintenance reserve $167/month $2,000/year
  • Water and Sewer $170/month $2,040/year
  • Total $658/month $7,901/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.

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