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Apartments: CASH BUYERS For Sale

$140,000.00
  • Area 850 sq ft
  • Floors 2
  • Bedrooms 1
  • Bathrooms 1

Description

This 32-unit gated apartment community consists of 4 separate 2-story buildings with 8 units each. There are 16 studio apartments and 16 1-bedroom apartments. They could easily rent for a minimum $550 each with potential for additional income. Each unit has separate electrical & gas meters, but one common water meter. There is also one separate manager building with a bedroom, full bath, kitchenette, & common laundry area. An appraisal was done in October 2012 for $855,000 (which is believed to be a very conservative, low-ball appraisal). This value would be substantially higher using the Gross Rent Multiplier approach. These apartments are totally vacant and need rehab. I am seeking an ALL CASH buyer for these apartments. These are not listed with a realtor. This property is in historic Midtown neighborhood of Memphis, which is in conveniently located near schools, hospitals, entertainment venues, restaurants, churches, & interstates. It’s also just minutes from downtown with easy access to the trolley line. There are plans for new nearby development and revitalization in Midtown that will drastically increase the value of this property. One such development is the Sears Tower, and you can read more info about that development here: http://www.wmctv.com/story/20064648/next-step-for-sears-tower-crosstown-community and here: http://www.commercialappeal.com/news/2012/aug/26/hot-button-new-life-for-the-sears-tower/

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Exterior Property Information

  • Sale Status: Active
  • Net Operating Income: 126672 space(s) / 1,000 ft.2
  • Price: $140,000.00
  • Gross Operating Income: 180960
  • Fair market value: 855000
  • Occupancy Rate: 0.00 %
  • Operating Expenses: $ 54288
  • Year Built: 1923
  • Number of units: 32
  • Neighborhood Name: Midtown
  • Phone: 901-831-5308
  • Email: prsbuyshouses@gmail.com

Exterior Features

  • On-site laundry
  • Gated community

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