Great 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 $63,300 per month or over $759,000 per year. Property is 90% occupied! Property was completely renovated in 2020. The apartments have appliances, updated electrical, updated plumbing to the street, heating & air in all units, and new tank-less hot water heaters. Property has state-of-the-art security features such as an electronic security gate and security surveillance. Property is fully fenced, 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 & 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. A $90 million whitewater park has been completed in 2023 and is near the apartments and will attract many more visitors. Previous contractor/owner 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.
|--||New Value: $4,200,000|
|8/19/2023 7:16:00 PM||New Value: $4,200,000|