2101 5th St

28 Unit Apartment Building $2,195,000 ($78,393/Unit) 6.68% Cap Rate Bridgeport, AL 35740

EXECUTIVE SUMMARY

100% occupancy
A non refundable “risk fee” on every new lease that averages out to be $1500 per unit is charged
There are multiple large factories in close proximity plus a $600 million Google data center in Bridgeport
Limited multi family competition in the surrounding area
Outstanding property manager who may be retained by new ownership
Onsite property maintenance
There is Upgraded on-site laundry that generates vending income of ~$8000 per year
There is a brand new onsite dog run
Two large on-site storage/facilities rooms
Capacity expansion opportunity on existing pad with consistent building footprint
This is a turn key property - We have spent considerable time and resources over the past two years maximizing revenue, reducing ongoing expenses and perfecting the operation.
Also, we have a new $49 per unit monthly utilities fee that we have recently implemented. This should boost the asset value by an additional $200,000 once fully implemented. ($49 x 28 x 12 / 8%)

PROPERTY FACTS

Price $2,195,000
Price Per Unit $78,393
Sale Type Investment
Cap Rate 6.68%
No. Units 28
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 5.10 AC
Building Size 23,848 SF
Average Occupancy 82%
No. Stories 2
Year Built 1978
Parking Ratio 1.34/1,000 SF

UNIT AMENITIES

  • Air Conditioning
  • Cable Ready
  • Refrigerator
  • Tub/Shower
  • Dining Room
  • Patio

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 28 - 850

PROPERTY TAXES

ZONING

Zoning Code MF (Multi Family)
  • Listing ID: 32492121

  • Date on Market: 7/17/2024

  • Last Updated:

  • Address: 2101 5th St, Bridgeport, AL 35740