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Fix&Hold (Multifamily Vacant): (16 Units) 613 Watts Street, Montgomery, AL 36104 + UNAVAILABLE

Updated: Jan 20

Multifamily Investment Opportunity



16 Units - All Vacant

Great opportunity to invest in the City Of Montgomery, AL. A diamond in the rough multi-family investment opportunity! The current owner has already made a capital expenditure of $60,000. Phase 1 of the renovation has been installing a brand new architectural shingled roof and replacing all the rotten fascia. There is a new roof, property has been gutted, exterior paint and all new facia. This 16-unit concrete block apartment complex is a partial rehab but has the potential to bring in $950 per unit after the apartments are fixed up. The After Repaired Value of the complex is estimated to be approximately $1.1 million. Pro-forma rents are $182,400 per year at $950/month. The complex would be a perfect student housing complex as it is located within walking distance to a 4-year University. The complex is also located within minutes of the many historical attractions in Montgomery including the nationally acclaimed Equal Justice and Freedom Museum and Monument and the forthcoming $70 million white water adventure park. Montgomery was named the #1 historical city in the United States by USA Today in 2014 and was listed on the NY Times list of "50 places you must visit before you die." Come experience the southern hospitality of Montgomery and attractive investment opportunities as Alabama has the lowest property taxes in the continental U. S. As an extra tax incentive the complex is in an opportunity zone. There are no present expenses outside of debt service. No utilities, insurance, any of that yet. Please submit all offers directly to Access by appointment only.

Property Map

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Work: 864-762-2509

All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*

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