We have a great opportunity of a 152 Unit Complex located in Montgomery AL! 🅰️

This property is a Class C Complex zoned as M1. With a grand total of 152 Units, the gross square footage of this building is 75000 square feet and sits a huge 4.152 acres. With a lot of units you will need a lot of parking, and this lot has more than enough room to accomodate.

TITLE IS FREE AND CLEAR. READY TO CLOSE.

THIS PROPERTY HAS A LOT OF GREAT AMENITIES SUCH AS:

POOL: 🏊‍♂️

BAR/RESTAURANT: 🍷

RECEPTION AREA: ☎️

2 ELEVATORS: 🛗

NOW LETS TALK ABOUT THE NUMBERS AND THE OPPORTUNITY!

This property was formally used as a HOTEL. The average cost per night in this area is about $80-$180 a night. Unfortunately the NOI and Cap Rate has not been calculated due to the T12 not being proved. BUT estimates have been done on the property.

Asking: $1.3M

Estimated Rehab: $1M

ARV: $5.5M-6M RETAIL VALUE

Another great angle on this property for a great long term hold is to convert this property to an APARTMENT COMPLEX! This complex is approximately 5.5 miles away from Alabama State University and 3 Miles away from Huntington College. Student housing is in high demand in this area and is a lot less volatile than a hotel. This would help reduce vacancies.

Average Rents in the Area reflect $800-$1200 / month ($1000 avg)

ESTIMATED REHAB: 1M-1.25M

AT THAT RATE MONTHLY INCOME WOULD REFLECT 152K

WITH A 50% EXPENSE RATIO NOI WOULD BE $76K

CAP RATE ROI WOULD BE AT: 4%

AT THESE NUMBERS: GROSS INCOME WOULD REFLECT 1.8M/YEAR (projected by full occupancy at $1000/month)

CLOSING IS SET TO HAPPEN ON OR BEFORE 11/30/2024

CLOSING ATTORNEY: GARY MCANNALY LAW FIRM

Buyer is to cover all closing costs related to the transaction. Sight unseen offers are welcome and property tours are to be scheduled directly with us.

DISCLAIMER: This is an assignment of contract. A legally binding purchasing contract with memorandum has been signed with the Seller giving this company exclusive rights to purchase the property. This company does not represent the owner. We are NOT brokers and do not represent ourselves as such. DO NOT CONTACT THE OWNER/SELLER without our explicit consent. Any attempts to renegotiate or make contact with the owner will result in legal action.