72 Unit Value Add APT Complex For Sale 4835-4840 Jarmese St

KEVIN RILES COMMERCIAL IS PLEASED TO PRESENT THIS 72 unit VALUE ADD apartment complex with lots upside opportunity. The property has easy access to 610, 45 and 59. Close proximity to downtown. All water heaters, HVAC, electrical panels and wiring were replaced in 2017. PEX plumbing installed in units and underground plumbing changed to PVC. Mostly 3 bed 1 bath and 2bed 1 bath units. The property is currently 70% Occupied. SIGNIFICANT OPPORTUNITY TO RAISE RENTS
The Jarmese apartments offer a new owner the significant opportunity to complete a phased renovation of the units to garner additional rents. This property is value add in two ways: the traditional physical value add in terms of renovation of units and capital expenditures; the other way is the increase of rents. The two previous owners have implemented a housing voucher acceptance program. 70% of the tenants use a housing voucher for a portion or all of their rent. The current owner has done significant work in cleaning up the rent roll. When they purchased the property, there were substantial issues in terms of the quality of the tenants as well as delinquency issues. A new owner will benefit from the current owner's work to stabilize the property. At 70% occupancy, anyone could implement immediate renovations of each unit.