Jax Turn Key Value Add 10 Unit

Jax Turn Key Value Add 10 Unit

10 bed 10 bath 4320 sq ft Built in 1968 Multi-family
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78
Occupancy Status
Low High
16 /20
Level of Rehab
Heavy Light
15/20
Location of Neighborhood
Far Close
16/20
Quality of Floor Plan
Choppy Flowing
18/20
School Rating
F A
5/10
Placement in Neighborhood
Busy Calm
8/10
Property Details

In the fantastic neighborhood of Lakeshore is this fully performing ten-unit, concrete-block apartment complex. Each unit is identical and has the exact same one-bedroom, one-bathroom layout. The apartments are separately metered for utilities and each has its own refrigerator, electric range, hot water heater, and air conditioning unit. The roof is approximately 17 years old so it may need to be replaced in the coming years. 

The property is currently grossing $5,000 per month with rental rates for each unit extremely under market. In the condition these units are in, each unit could easily rent for $725-$750 per unit. The property is in great condition and all units have been maintained as well as appliances replaced regularly. The property is 100% occupied, and each tenant is on a current lease. There are seven tenants currently on two-year leases and three tenants on one-year leases. Although you can't raise rent immediately, this is a fantastic buy-and-hold opportunity for future value and cash flow.  Once performing at market rents, we give this investment an estimated 6 Cap value of over $1,000,000.  

This stabilized asset is currently showing a net operating income year on year around $40,000. With the turnkey, value adds available in this property you have the opportunity to show almost a 10% future annual return, and well beyond that with self-management. The current tenants are all over the age of 55 and have been living in the complex for a long time. Besides the two newer tenants, the shortest amount of time a tenant has lived in their unit is three years, all the way up to a tenant that has lived in unit ten for over 45 years!

Investment opportunities like this come once in a blue moon, so contact your EquityPro advisor for more information today!

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We recommend rent
Rental Income
$5,000 mo. / $60,000 yr.
Estimated Taxes
$4,000 / yr.
Maintenance
$5,000 / yr.
HOA Dues
$0 / yr.
$43,368
Projected Income
5.82%
Estimated APY
$172,100
Projected Income
20.18%
Estimated ROI

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