For Sale $3,100,000 - Apartment Building, Residential
56 Unit apartment complex located across the street from Home Heights Park and minutes from downtown Clayton and the airport. This complex features 10 brick buildings with pitched roofs and plenty of parking for the tenants. There are 24 two bedroom and 32 one bedroom apartments, rents have been raised considerably with the ability to raise rents even more. Rents have been raised to as much as $550 for the 1 beds and $650 for the 2 beds. Building is currently grossing $381,600 annually with a net income of $252,477 which is an 8.1% cap rate. With 1 bedroom rents at $550 and $650 for 2 bedrooms across the board the gross rent would be nearly $400,000 annually. There have been updates to many of the units including updated kitchen cabinets, flooring, double pane windows, etc. Other recent capital improvements include emergency fire escapes, welding, and pvc plumbing stack replacement. There is an on site management company in place which is currently charging a 4% management fee that would be open to continuing to manage the property. Current vacancy is under 2% and there have been long waiting lists for tenants wanting to move in.
Paying buyers agents 2.00%
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