This 16-unit concrete block apartment complex is a total rehab but has the potential to bring in $950 per unit after the apartments are fixed up. The current owner has started the renovation by installing a brand new architectural shingled roof, replacing all the rotten fascia and has had the exterior freshly painted. The after repaired value of the complex is estimated to be approximately $1.1 million. Pro-forma rents are $182,400 per year at $950/month. Rents could even be higher if used as student housing. The same owner also has another 16-unit property close by at 613 Watts Avenue which is also on the market at a price of $559900. If both complexes are purchased the seller will offer a slight discount.
The complex would be a perfect student housing complex as it is located within walking distance to a 4-year University. The complex is also located within minutes of the many historical attractions in Montgomery including the nationally acclaimed Equal Justice and Freedom Museum and Monument and the $90 million white water adventure park. Montgomery was named the #1 historical city in the United States by USA Today in 2014 and was listed on the NY Times list of “50 places you must visit before you die.” Come experience the southern hospitality of Montgomery and attractive investment opportunities as Alabama has the lowest property taxes in the continental U.S. As an extra tax incentive the complex is in an opportunity zone.
The city of Montgomery is home to the only Hyundai car manufacturing plant in the U.S., as well as having two Air Force bases, the renowned Legacy Museum, one of the largest Shakespeare Festivals and is the State Capital. Montgomery continues to add more cultural, educational and entertainment venues every year. Come invest in the City of Dreams today!
