Olive Forest Apartments 1736 Rhodes St 12 Unit Apartment Building $1,950,000 ($162,500/Unit) 7.90% Cap Rate Montgomery, AL 36106
EXECUTIVE SUMMARY
These newly renovated mid-term rentals are located blocks from Jackson Hospital as well as a couple of miles from Baptist South Hospital. The property receives above market rents due to the proximity to medical centers and unique travel nursing demands.
This property has historically remained 100% occupied and there is often a waitlist for tenants. Premium interior/exterior finishes make this a highly sought after property, especially among nurses. This is a rare opportunity to acquire an asset with a CAP rate just below 8%. In today's rate environment this is above where many other multifamily deals are trading. At full occupancy this property has the potential to bring $230,000 in annual rental revenue.
The property will be sold completely furnished and is remotely managed (wi-fi connected Schlage locks, smart thermostats, online unit walk throughs, etc.), making for any easy transition when renting to mid-term tenants. Designer selected furniture and finishes are used throughout all units on the property. All units have washer and dryer in the unit.
This property has historically remained 100% occupied and there is often a waitlist for tenants. Premium interior/exterior finishes make this a highly sought after property, especially among nurses. This is a rare opportunity to acquire an asset with a CAP rate just below 8%. In today's rate environment this is above where many other multifamily deals are trading. At full occupancy this property has the potential to bring $230,000 in annual rental revenue.
The property will be sold completely furnished and is remotely managed (wi-fi connected Schlage locks, smart thermostats, online unit walk throughs, etc.), making for any easy transition when renting to mid-term tenants. Designer selected furniture and finishes are used throughout all units on the property. All units have washer and dryer in the unit.
PROPERTY FACTS
| Price | $1,950,000 |
| Price Per Unit | $162,500 |
| Sale Type | Investment |
| Cap Rate | 7.90% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 14,227 SF |
| No. Stories | 2 |
| Year Built/Renovated | 2005/2022 |
| Opportunity Zone |
Yes |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $173,640 | |
| Land Assessment | $12,320 | Total Assessment | $185,960 |
