20 Unit Apartment
20 Unit Apartment Building | $900,000 ($45,000/Unit) | Montgomery, AL 36108
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $900,000
- Property Type
-
Multifamily
- Square Feet
- 11,948 SF
Listing Contacts
David Herman
Verified Profile
- Property Info
Property Overview
Are you a seasoned or new investor looking for an investment property in a hot market? Take a look at this 20-unit multi-family listing in a growing area just reduced from original price of $1.5 million for a quick sale! Each unit is equipped with a stove, refrigerator and a window heating and cooling unit. 17 of the 20 units have been updated with only 3 remaining to renovate, and the parking lot has 20 parking places. The property has security lights and cameras outside. This property is a prime investment and when fully leased at pro-forma rents could generate over $253,000 per year and will be worth approximately $1.5 million. This includes taking the 2 storage units and converting them into efficiency apartments. There are 12 2-bedroom units that can be leased for up to $1050 per month and 8 1-bedroom units that can be leased for up to $875 per month. In addition the two future efficiency apartments will bring in $750 per month. The property is only one mile from a new charter school that should increase the value of the real estate in this area. It is also close to a public library, a large public high school, a new elementary school and medical center. Montgomery, Al. was named the #1 historical city by USA Today in 2014 and is home to the only Hyundai car manufacturing plant in the U.S. Also, Montgomery had close to one million people visit the National Memorial for Peace and Justice Museum and the companion Legacy Museum since its opening in 2018. Come invest in Montgomery Alabama, the City of Dreams.
Property Details
- Class
- C
- Year Built
- 1960
- Stories
- 2
- Lot Size (sq. ft)
- 12,632 SF
- Units
- 20
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