605000 22000ft2

Name: 605000 22000ft2
Brand: 605000 22000ft2
SKU: genClassifieds-590346
Price: 6050002200 USD
Availability: InStock
Rating: 4.3 (11 reviews)

6050002200 USD

This property is a 34-unit, HAPP-approved, Class-C apartment complex located in a business district about 10 minutes from historic downtown Columbus, GA and Columbus State University. The property is a two-story brick building measuring approximately 22,000sf on nearly an acre of land with a central courtyard and grass area behind. There are a total of 31 rentable units in its current configuration that are all 2bed/1bath units.

This property can easily be the highest cash-flowing property in your portfolio with some focus and good management. It is currently 60% occupied with all units renovated, rent ready, and positioned to move to the next occupancy level quickly. The property is easily rentable due to its location and competitively-priced units. The structure is in good condition and tenants pay for their own water and power -- a big cost savings.

All units rent for between $450 to $515/mo. on 1-year leases, very typical of market rents for the area. Increasing the percentage of HAPP tenants and being more selective in tenant screening will command a bit higher and more secure income. Projected NOI @ 80% occupancy is $100K with CAP Rate of 16.4% (cash-on-cash) and significantly higher with bank leverage. Price per unit is under $18K.

Cash and Private Money Only. NO SELLER FINANCING

NOTE: If you have a network of buyers who may be interested in this property, please email us.

NOTE: This property is one of two apartment complexes in Columbus, GA (15 minutes apart) that can be purchased individually or as a package. See this Craigslist Link http://columbusga.craigslist.org/reo/ html for other property.

*Serious investors and inquiries only. If interested, please email for Executive Summary.

Location: Alabama -

Added on 18 days ago and expires on 21 May, Ad id: 590346

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