$559,900 Price Analysis    ♡   Montgomery, AL 36104 Unknown bed None bath unknown SqFt ($0/SqFt) Built 1950 Listed 2022-08-25 | Ⓧ USDA Ineligible due to location near Montgomery |
A diamond in the rough multi-family investment opportunity!
This 16-unit concrete block apartment complex is a total rehab but has the potential to bring in $950 per unit after the apartments are fixed up. The current owner has started the renovation by installing a brand new architectural shingled roof and replacing all the rotten fascia. The after repaired value of the complex s estimated to be approximately $1.1 million. Pro-forma rents are $182, 400 per year at $950/month. The complex would be a perfect student housing complex as it is located within walking distance to a 4-year University.
The complex is also located within minutes of the many historical attractions in Montgomery including the nationall y acclaimed Equal Justice and Freedom Museum and Monument and the $90 million white water adventure park. 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. Come experience the southern hospitality of Montgomery and attractive investment opportunities as Alabama has the lowest property taxes in the continental U.S. As an extra tax incentive the complex is in an opportunity zone.
Presented by DAVID HERMAN at
David Herman Realty.
Property MLS #523942 from Montgomery
Flooring: Tile
Heating: Yes
Parking Features: Asphalt, Driveway
Number of Units: 16
Tenant Pays: AirConditioning, AllUtilities, Electricity, Gas, Heat, Sewer, TrashCollection, Water
Source Listing Status: Active
County: Montgomery
Directions: From I-85 North take the Union Street Exit and turn right on Union Street and then right on High Street and then right on Watts.
Source Property Type: ResidentialIncome
Area: MONT-N Montgomery City
MLS Area Minor: Montgomery Area Association of Realtors
Source Neighborhood: MONT-N Montgomery City
Owner Pays: CommonAreaMaintenance, GroundsCare, Insurance, Taxes
Parcel Number: 03-10-04-18-01-017-004000
Postal City: Montgomery
Source System Name: C2C
$559,900
Montgomery
Construction Materials: Block, Concrete
Foundation Details: Slab
Levels: Two
Property Age: 74
Levels or Stories: 2
Year Built Source: Owner
Architectural Style: TwoStory
CableAvailable
NaturalGasAvailable
Water Source: Public
Map directions Map directions Map directions Map directions Map directionsThe property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.