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Outstanding investment opportunity. 6 mobile homes, 2 singles and 4 double wides included. Over 2400 in possible monthly income. Owner will consider trade from other property.
Cherokee Apartments - 12 Units; Total monthly rent received (all rented units) - $5400.00. Upside possibilities on rent with apartment complex getting a recent facelift. There is a waiting list for prospective tenants with a demand for more. Property itself without apartments would be in high demand for alternate uses such as drug stores, banks, office and retail space.
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Price Upon Req.39,696 SF
-Qualified Contract conversion allows new investors to increase affordable rents to significantly higher market rates. -Current average leased rent of $565 is far below $710 average rents of comparable nearby properties of similar vintage. -Maximum AHFA required rents allow increases up to an average $786 while still maintaining compliance. -Summertree offers investors a unique opportunity to acquire a highly sought-after, value-add asset with upside available in the current heated multifamily market. -With 72 units averaging 968 SF, the asset offers a well-balanced mix of two-, and three-bedroom floorplans. Eight of the 72 units are resident popular townhome style floorplans. -Summertree can be acquired for well below replacement cost. Construction of new affordable housing would cost an estimated $120,000 per unit or more to build in the current market. Therefore, the subject is a desirable opportunity for investors to own an affordable housing community at a fraction of its replacement value.