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DescriptionGreat income producing investment for this completely renovated, 60-unit apartment complex! This 60 unit complex consists of 49- 2 bedroom units and 11-3 bedroom units with a pro-forma gross rent of $42,700 per month or over half a million dollars per year.
Property was completely renovated in 2020 and is currently 40% leased but can easily be 100% leased with better marketing efforts and/or Section 8 tenants. The apartments have new appliances, new electrical, new plumbing to the street, heating & air in all units, and new tank-less hot water heaters. Coin operated laundry room is onsite and property has state-of-the-art security features such as an electronic security gate and 24 hour security surveillance. Property is fully fenced in and the security cameras have a direct link to the Montgomery Police department 24/7.
Complex is located within minutes of many historical attractions in the downtown Montgomery area and easy access to public transportation. Montgomery was named the #1 historical city in the United States by USA Today in 2014 and was listed on the NY Times list of "50 places you must visit before you die" The apartments are also located near the nationally acclaimed Equal Justice and Freedom museum and monument which was opened in 2018 and attracted over 600,000 visitors in the first years. The City of Montgomery plans to build a $50 million water park within walking distance of the apartments that will attract many more visitors.
Contractor moved onsite to personally supervise the complete renovation of this amazing project, and the quality of the construction is exceptional and first-class. Apartments would be ideal for AirBnb opportunities because of proximity to tourism attractions or can be a solid income producing investment property with long-term tenants.
With 25% down payment, the owner will finance for a short term.