Multifamily Investment Opportunity Available
Acquisition Price
$21,000,000
138 Units - 13 Acres -135,688 BLDG SF
Great opportunity acquire a value add multi family property with 90.3% occupancy.
The current ownership invested nearly $3.5 million into the asset allowing a new buyer the opportunity to bridge the $40+ per bed gap between the subject and the current competitive set. Additionally, new ownership could reduce the number of model units from 5 to one and the number of employee units which would increase revenue an additional $60,000 annually. Finally, there is an opportunity to bring the asset to the next level by building a clubhouse on the vacant ~0.6 acres. This would allow Hillside Commons to bridge the $175 per bed gap between in-place rents and the recently renovated comp set and increase income by $590,000+ annually. Please submit all offers to sarter@promiselandrealtyllc.com
PROPERTY PHOTOS:
Renovations Included:
- Kitchen fully renovated
- All new door, trim, baseboard and electronic door locks
- Brand new resort-style pool (Opening spring 2022)
- New vinyl wood plank and carpet throughout
- All new windows thought the property
- Security cameras added throughout
- All new furniture and tv's throughout
- Upgraded lighting
- New dog parks
- Cable and high-speed internet added throughout
- Brand new security gate added
- Bathrooms fully renovated
- Previous pool filled in and converted to fire pit lounge area & grill space
- Landscaping, irrigation & drainage improvements made throughout
Value-Add potential by adding:
- Clubhouse
- Reducing Model/Staff Units
- Fitness Centre
- Charging for Valet Trash
- Study Lounge
- Covered Parking
- Implementing A Shuttle
NOI - 1,044,531.65
Cap rate - 5% trending to a 5.25%
Asking - $21,000,000 (All Cash, No Financing)
+ 2% Buyers Fee
**** Address and Financials can be provided with signed NCNDA and POF.
To submit an offer, the potential buyer must submit an LOI along with POF *****
"Brick by Brick"
PROMISE LAND REALTY, LLC
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. 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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