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%)
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 |
1 of 1
PROPERTY TAXES
Parcel Number | 02-04-18-0-001-025.000 | Improvements Assessment | $0 |
Land Assessment | $0 | Total Assessment | $157,500 |
ZONING
Zoning Code | MF (Multi Family) |