Timber Trace Apartments

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30011583
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 42 Units
Building Size (RSF): 37,856 SF
Gross Building Area: See Agent
Sale Price: $797,000
Unit Price: $18,976.19 Per Unit
Property Use Type: Investment
Building Name: Timber Trace Apartments
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 7/27/2017

Overview / Comments

Timber Trace Apartments is a value add opportunity and is comprised of ten (10) 1BR/1BA units approximately 750sf each, twenty-four (24) 2BR/1BA units approximately 900sf each, and eight (8) 3BR/2BA town house style units approximately 1050sf each. The property sits on 2.56 acres, has 65 parking spaces, or a 1.5 parking ratio, has a laundry room and office and sits in the heart of Citronelle across the street from a grocery anchored neighborhood center. The buildings are frame construction on slab with brick veneer and siding and pitched roofs with metal replaced around 2006. The property was built in 1981. There's an opportunity to update the units and bring the rents up $50-$100, depending on updates. Current rents for the 1BR units are $400/mo, the 2BR units are $500 a month and the 3BR's are $600/mo. The current occupancy is around 60% and the market occupancy is 89%. 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. This property can be combined with Oak Knoll Apartments 1302 Navco Rd in Mobile for a discount.

Value Add Opportunity

Low Rents

Low Occupancy

9yr Old Pitched Metal Roofs

Well Located in the Heart of the City

Additional Details

Nearest MSA: Mobile
County: Mobile
Tax ID/APN: 0407361000085.000
Number of Stories: 2
Year Built: 1981
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 65

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,996 4,996
Median Age: 36.8 36.8
Households: 1,820 1,820

Contact

Photograph of Listing Agent

David K Monroe

Beck Partners CRE, LLC Gulf Coast CMLS Member

Source

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