For Sale $950,000 - Apartment Building, Residential
Opportunity to purchase a well maintained 20 unit apt complex in St. Ann located across the street from Tiemeyer Park. The building located in a quiet neighborhood surrounded by single family homes is comprised of 16 one bed apts and 4 two bed apts with central AC and 25 parking spots. The building has had a number of recent capital improvements including exterior and interior electric updating throughout, a new retaining wall running the length of the property and updates to a number of the apts. Rents have been raised to as much as $675 for the 2 beds and $550 for the 1 beds so there is the ability to raise rents. With rents at $675 for the 2 beds and $550 for the 1 beds fully rented the building would generate $138,000 annually. There is only currently one vacancy while a unit is being rehabbed, there is a history of high occupancy rates. Projected income for 2019 is $130,000 with projected expenses at $32,680 for a net potential income of $97,320 which would be a 10% cap rate.
Paying buyers agents 2.00%
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