Rare Opportunity To Purchase 19 Unit Complex In South Hampton Neighborhood

-Well-maintained apartment complex located in the South Hampton neighborhood, across the street from Christy Park and a half mile from a $72M development that has broken ground covering 12 acres on Kingshighway.

-Built in 1928 this building has beautiful architectural detail with interior features like common areas with terrazzo floors.

-There is a value add component to the property with a strong rental market in the area. The owner has raised rents considerably for some of the original units to $850 a month.

-The seller has updated 4 units with 4 in the process of being renovated with a completion timeline of 2-3 months. The asking rent after completion will be $995. The updated units currently rent from $895 to $920. Similar-sized updated one-bedroom apartments nearby are renting for as much as $995 a month.

-If all apartment rents were raised to the top rents in the building it would generate an additional $34,974 annually.

-Building has updated electric panels and exterior service, storage units for tenants, some pvc plumbing.

-The building has common area laundry. Additional laundry machines were added in the basement. There is a closet in the apartments that would work well for in-unit laundry.

-Seller currently provides heat through a boiler system. Electric heating units in renovated apartments were added in order to reduce use of the boiler and reduce gas costs.

-There is also the potential to add additional storage in the basement and charge for storage.

– Roofing above the exterior stairwells is being replaced with new plywood, foam board, and TPO Roofing. The remainder of roof is in great shape according to Lifetime Roofing.

-There are 3 commercial spaces rented on the first floor. These commercial spaces could also be converted to apartments to have an all-apartment complex in the future.