Hawthorne Apartments
2400 4th Avenue, Phenix City, AL
15.14% return
SP:
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Property Description

ATTENTION REHABBERS!! This is an amazing opportunity! 

52 apartments. High quality construction. GREAT AREA! Separate electric meters. City water and sewer. 28% population growth in the city for the past 20 years!! Units can rent as high as $800-900 a month! Property will generate a 15%+ return on investment!! There are two parcels, total of 12 apartment buildings and an office building. This complex will be worth $55k+ per unit after renovations.

Professional property management is available. 

Property Information

  • Listing statusSold
  • Property typeMulti Family (2 properties)
  • Total units52
  • Total bedrooms96
  • Total bathrooms52
  • Building size37312 sq. ft.
  • Lot size0.0 acres
  • Year built1950 - 1956
  • CountyLee County
  • Subdivision
  • ConstructionBrick
  • RoofShingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingGas Furnace
  • CoolingWindow A/C

Property Financial Summary

  • Sale price $1,550,000
  • Estimated rehab 1 $650,000
  • Total investment $2,200,000
  • Type Proforma
  • After repair value $2,860,000
  • Potential profit $660,000
  • Gross income (annually) $432,960
  • Operating expenses (annually) $99,901
  • Net income (annually) $333,059
  • Gross return 19.68%
  • Gross income (monthly) $36,080
  • Operating expenses (monthly) $8,325
  • Net income (monthly) $27,755
  • Net return 15.14%

Property Income & Expenses

  • Income
  • 2300 4th Avenue, Building 1
  • Unit 1a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 1b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 1c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 1d: 2 bed / 1 bath $720/month $8,640/year
  • 2300 4th Avenue, Building 2
  • Unit 2a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 2b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 2c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 2d: 2 bed / 1 bath $720/month $8,640/year
  • 2300 4th Avenue, Building 3
  • Unit 3a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 3b: 1 bed / 1 bath $550/month $6,600/year
  • Unit 3c: 1 bed / 1 bath $550/month $6,600/year
  • Unit 3d: 2 bed / 1 bath $720/month $8,640/year
  • 2300 4th Avenue, Building 4
  • Unit 4a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 4b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 4c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 4d: 2 bed / 1 bath $720/month $8,640/year
  • 2300 4th Avenue, Building 5
  • Unit 5a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 5b: 1 bed / 1 bath $550/month $6,600/year
  • Unit 5c: 1 bed / 1 bath $550/month $6,600/year
  • Unit 5d: 2 bed / 1 bath $720/month $8,640/year
  • 2300 4th Avenue, Building 6
  • Unit 6a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6d: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6e: 2 bed / 1 bath $720/month $8,640/year
  • Unit 6f: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 10
  • Unit 10a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 10b: 1 bed / 1 bath $550/month $6,600/year
  • Unit 10c: 1 bed / 1 bath $550/month $6,600/year
  • Unit 10d: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 11
  • Unit 11a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 11b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 11c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 11d: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 12
  • Unit 12a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 12b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 12c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 12d: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 7
  • Unit 7a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7d: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7e: 2 bed / 1 bath $720/month $8,640/year
  • Unit 7f: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 8
  • Unit 8a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 8b: 1 bed / 1 bath $550/month $6,600/year
  • Unit 8c: 1 bed / 1 bath $550/month $6,600/year
  • Unit 8d: 2 bed / 1 bath $720/month $8,640/year
  • 2400 4th Avenue, Building 9
  • Unit 9a: 2 bed / 1 bath $720/month $8,640/year
  • Unit 9b: 2 bed / 1 bath $720/month $8,640/year
  • Unit 9c: 2 bed / 1 bath $720/month $8,640/year
  • Unit 9d: 2 bed / 1 bath $720/month $8,640/year
  • Total $36,080/month $432,960/year
  • Expenses
  • Property Taxes $492/month $5,899/year
  • Gas Utility Bill $1,367/month $16,404/year
  • Insurance $833/month $10,000/year
  • Maintenance reserve $3,333/month $39,998/year
  • Water and Sewer $900/month $10,800/year
  • Property Management $1,400/month $16,800/year
  • Total $8,325/month $99,901/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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