Purchase Price $5,300,000
19 Apartment Units
- Value-Add Investment Opportunity - Limited stock and low velocity of ~$5,000,000 multifamily properties with immediate upside.
- Large Loss-to-Lease - In-place rents are below market, providing an opportunity to capture significant rent increases before any renovations are completed.
- Prime Value-Add Target - First time on the market in over 30 years. Current rents are 15-20% below the market before upgrades, in a neighborhood that supports condo quality units and rental rates.
- Potential Unit Addition - 20th unit is currently operating as an office for the manager, but can easily be converted into a one bedroom apartment without additional building upgrades.
- Drastically Improving Submarket - Easy access to transportation and neighborhood amenities, plus Vulcan planning the redevelopment of 23rd & Jackson, with 530 apartments and 46,000 square feet of retail.
- Very Strong Scores - 86 Walk Score – Very Walkable, 76 Transit Score – Excellent Transit, 79 Bike Score – Very Bikeable.