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. Access to major highways are 1.5 miles from the property. The community provides unassigned parking, laundry facilities, and an outdoor seasonal pool.
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 $100/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 3% through 2026.
Opportunity to further push rents by offering affordable, updated units and improved amenities.
Rents can be increased by an average of $120/unit based on market comparables with minor upgrades.
- Select unit interior upgrades
- Repairs to pool to bring back in service
- Installation of a small dog park
- Laundry room upgrades
- Installation of playground
- Pressure washing
- Pet security deposits/monthly rent
- Offer all-inclusive utilities for additional rent premiums
- Offer washer/dryer rental with installation and removal fees
PROPERTY INFO ACCESS
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