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favorite this post $430000 / 15600ft2 - 16 Unit Apartments - Priced to Sell Quick (Macon, GA) hide this posting unhide

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My partner and I are liquidating our cashflowing 16 unit apartment due to his health issues. We are motivated and priced the apartments for a quick sell, so we will be talking with all serious buyers to determine the best offer/investor for this type of deal. This is a great cashflowing property from Day 1 that would be ideal for a new investor trying to get into commercial real estate or a seasoned investor wanting to add additional cashflow to their portfolio



16 unit Apartment Complex (430k):

This complex sits on a little less than 1.0 acres and comprises of 8 duplexes. Currently 14 out of 16 units are occupied with 2 units needing $3k - $5.5k in rehab each. Since purchasing the property in August of 2017 we have increased rents from $335 to and average of $392 with room to improve to $425 - $450 that would add another $61,000 in value based on a 9 cap for this area. We already have a waiting list on the 2 vacant units at $500 that we have completely gutted for the next investor to come in and do their renovations. Completing the rehab and renting out these 2 units at $500 would add another $133,333 in value to the property. So the combined value add with increasing the rents to $425 - $450 and completing the rehab on 2 units would add a combined $194,333 in valuation over the next 1 - 2 years following the income approach that most appraisers use for bank/credit union financing.

All duplexes are brick buildings that need very little maintenance for upkeep and no major work needed. We have updated 4 units once those tenants left and we have 2 handymen that we keep on standby at all times to keep up with the maintenance on existing dwellings. We recently spent $9.5k at the beginning of 2019 on exterior renovations which included painting and pressure washing the exterior of each building, landscaping and building the fence around our dumpster. All units are separately metered so tenants take care of all utilities/water (no gas) and with little maintenance needed this property cashflows slightly over $2k per month. Appraisal for the property at purchase on August 2017 was $325k by Renasant Bank appraiser (keep in mind this is prior to our $57 rent increase over past 2 years and exterior/interior renovation).


Financials:

Annual Gross Rents: $65,940
Insurance: $6,777
Taxes: $5,385
Maintenance: $5,631
Management: $3,956
Garbage: $3,636
Lawncare: $1,680
Utilities: $0 (paid by tenants; Ga Power & Macon Water Authority)

NOI: $38,875





*With the 2 renovations on vacant units and rent increases to market, these apartments in a few years would be worth just shy of $625k based on a GRM and/or NOI basis and will require roughly $6k - $11.5k for renovations of 2 vacant units and any additional interior/exterior renovations you would like to pursue to attract potential tenants. Our suggestions that wouldn't cost much would be an exterior fence around entire complex and repaving the parking lot. We also have 6 arlo motion detector cameras around complex that are wireless and would come with complex that cost us a little over $1k. These will allow you to view property at any time and anywhere with wifi/internet connection

*We also have an onsite property manager with 8+ years experience who will temporarily manage the apartments if need be or until you can find replacement

*Property located within walking distance of Mercer University where they invested millions of dollars to currently building out their dormitories for students and many investors have started buying and fixing up many properties in the area.

*As you can see with information provided we are very transparent about the property. Again we are motivated sellers due to my partners health condition and we know at this price it will not last long because it cashflows from Day 1, so make sure you reach out with any questions you may have before it's to late.

*Also please note that we are the owners and not brokers/agents. You will dealing directly with me the owner of this property and not any third party. If calling, make sure to leave voice message as I don't always have cellular service in my office.


Regards,

Curtis
  • do NOT contact me with unsolicited services or offers

post id: 6894200014

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