Description

Three brick apartment buildings with 19 total units. Rents at or above market. There are 3-two bedroom units ($650) and 16-one bedroom units ($550). Current rent roll of $10,000 per month. Tenants are a mixture of traditional tenants and section 8 housing. Sellers have gone room by room over the last few years and renovated everything. Water heaters and hvac units have been replaced as needed along with other appliances. New roof on 2305 ($18,970), and two of the buildings have had Ramjack inspect/repair items from settling and have given a lifetime warranty ($12,020). New windows throughout the complex ($11,435), metal doors. Owners have correctly vented the bathroom ceiling vents to go outside and inspected the plumbing. Sellers have already done the things you would. Ample parking on end of the street so no through traffic in the complex. Tenants pay their own electric. Units stay full but there is a high turnover due to the type of housing it is. Sale includes TMS 472-14-00-024. Gross income is estimated based on current rents of $10k per month with some allowance for vacancies. Any units not at $550 or $650 are being changed to new rent by sellers. Six month rent roll available.

Posted Nov 4, 2016

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