Somerset Apartments consist of 2 buildings totaling 24 units with 16 one bedroom units and 8 studios. These all brick charming 1920’s era buildings feature hardwood floors, common area hallways and decks, onsite laundry and off-street parking. These apartments have a strong history of high occupancy levels and strong rent growth resulting in easy management.
Currently the property is at 100% occupancy with several long term tenants. Under the current owner’s management, the property is performing at a 7.5% cap rate. Many of the units are under-rented, as compared to the current market rents, allowing for substantial upside for a new owner as leases turnover. Excellent central in town location near Midtown, Virginia Highlands and Inman Park in the popular Poncey-Highlands neighborhood. Walking distance to restaurants, parks and grocery stores with easy access to Marta, I-85 and I-75.
To view a video of the property, please go to http://youtu.be/SkXz3CSlfdI
For a full income and expense report of the property, please complete and return the Confidentiality Agreement found at the end of the package.
Please do not disturb tenants. Viewings are by appointment only.
Please contact Andy for additional details regarding this property.