Strong rental history with room to increase rents. Electric HVAC (Wall-Mount Units) and low landlord utilities. New vinyl siding, New Roof, New Downspouts & Scuppers. Most units and all common area recently carpet replaced.
The Willow Park Apartments is a 300 unit property consisting of 10 apartment buildings with 30 units in each building. There are a total of 72 one bedroom units, 228 two bedroom units and 124 garages. The property was built in 1976 and 1977. The owner has owned the property for 15 years. The buildings have attractive 3 story above ground designs. The property also includes land for another 60 units. Some of the features include attractive floor plans, air conditioning, walk-in closets (2BR's), large living room, dining room (most units), garbage disposal, electric stove, refrigerator, dishwasher, cable ready, blinds, patios or decks, laundry facilities on each floor, controlled access, exercise room,sauna, business center, community room, playground, picnic area, swimming pool, tennis courts, basketball courts and volleyball court. The tenants pay all their electric including their electric heat, water, trash, and gas for hot water. The property has received $3,384,480 in capital improvements in the last 15 years.
The property is a charming three story apartment complex perfectly situated in an accessible and mature residential neighborhood close to Jensen Elementary and Hoover High School. The units are very well maintained and have RUBS in place. Some of the finishes are dated, but still in amazing condition for their age. 11 of the 29 units have new AC units in the last two years. Onsite laundry, private parking, fenced front yard, and easy access to anywhere in the metro are just a few of the amenities the property offers.
Great investment and income opportunity. Recently remodeled 4-plex near Drake with 2 two-bedroom units and 2 one-bedroom units. Tenants pay their own heat and electricity and landlord provides water and trash. Gross potential income of $2300/month with an opportunity to increase with next rental cycle.