Oak Knoll Apartments

Sold Multi-Family
Catylist Listing ID: 30011619
Property Subtypes: Low-Rise/Garden
Property Type: Multi-Family
Archived As: Sold

Overview / Comments

Oak Knoll Apartments is a value add opportunity & is comprised of forty-four 2BR/1BA units approx. 850sf each. The property sits on 2.6 acres, has 90 parking spaces, laundry room & sits next to a grocery anchored neighborhood center. Each unit has a front & rear access & the second floor apartments are accessed from the front or rear breeze way. The buildings are frame construction on slab with brick veneer and pitched roofs. The property was built in 1966. There's an opportunity to update the units and bring the rents up $50-$100, depending on updates. Current rents are $525/month & there are 9 vacancies. 4 units are down to a fire, 1 is being used as storage, one is being used as the office and 3 are make readies. The 4 unit building that burned has two units severely damaged & the other 2 units suffered smoke damage. The fire occurred more than 2 years ago & the cause was grease fire started in the kitchen. The building has been released back to the ownership for repair. There are numerous ways to bring more value to this asset and increase the NOI coming out of your first year in operation significantly. This listing will not last long and is priced to sell fast.

Value Add Opportunity

80% Occupancy

Below Market Rents

Over a 10% Cap Rate

Strong Rental Market

Additional Details

Nearest MSA: Mobile
County: Mobile
Tax ID/APN: 3202370004093.000
Number of Stories: 2
Year Built: 1966
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 90

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,011 74,392 160,042
Median Age: 32.36 34.55 36.66
Households: 4,166 30,235 64,769

Contact

Photograph of Listing Agent

David K Monroe

Beck Partners CRE, LLC Gulf Coast CMLS Member

Source

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