This multifamily community is located in a stable residential and commercial area. Residents have an easy connection to many attractions within reach such as shopping centers, schools, churches, businesses, popular restaurants, and the hospital. The community features a sizeable pool with a large lounge area, onsite laundry facilities, picnic area with grills, mature landscaping, onsite property management and maintenance.
New ownership can immediately take advantage of the below-market rental rates and increase rents immediately. New ownership can also advantage of the value-add opportunity by modernizing the asset through interior renovations to increase rental rates further.
ORGANIC RENT GROWTH
New ownership can capitalize on strong rent growth seen across the market.
- Rents can be increased organically by an average of $105/unit based on supported comparables.
- By increasing below-market rents, annual rental revenue
will grow by 15%.
- Concessions are projected to be close to 0% through 2026.
- Vacancy rates are projected to be 2% through 2026.
Opportunity to further push rents by offering affordable, updated units and improved amenities.
Rents can be increased by an average of $85/unit based on market comparables with minor upgrades. Together with organic rent growth, annual revenue will grow by 26%.
- Select unit interior upgrades
- stainless steel appliances
- LVP flooring
- bathroom vanities/cabinets
- hard-surface countertops
- Installation of a small dog park
- Parking lot repairs
- Minor landscaping
- Installation of a playground
- Exterior painting
PROPERTY INFO ACCESS
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