14-Unit Income Producing Apartment Complex

Built in 1960, this 14-unit apartment complex features recently updated 2-bedroom, 1-bathroom units across three buildings. With strong rental income and recent property upgrades including a new roof and parking lot, this investment offers immediate returns and future growth potential.

• Property Details: Built in 1960, the property has a total of 11,536 square footage across three buildings on a 41,818 square foot lot.
• Value-Add Potential: There is opportunity to significantly enhance property value and cash flow by increasing below-market rents to align with current market rates, coupled with optimizing property management efficiencies for improved operational performance. There is the added potential to reduce or entirely eliminate utility expenses by billing tenants for their usage.
• Unit Details: All 2-bedroom, 1-bathroom units have been recently updated across three buildings.
• Spacious Living: The total building square footage is 11,536, situated on a generous lot of 41,818 square feet or 0.96 acres.
• Recent Upgrades: Significant improvements include a roof less than 5 years old and a newly redone parking lot within the past 2 years.
• Security Features: Safety is a priority, with onsite cameras located at the complex.
• Basements & Laundry: The property includes seven basements, each basement is semi private, with 2 apartments sharing one basement. There are 14 washer and dryer hookups (no machines currently in place).
• Strong Rental Income: The current rents total $10,185/month, with potential for increases.
• Comparable Sale: The nearby 2202 Hord recently sold for $60,000 per unit, with each unit rented at $605 per month. Hord had a gross income of $72,600, while Chambers currently generates $122,220 annually. Chambers benefits from more units, higher rents, and additional rental income potential.