16 Unit Multifamily Investment Property for Sale

Multi-Family for Sale
Catylist Listing ID: 30761815
Property Subtypes: Low-Rise/Garden
Number of Units: 16 Units
Building Size (RSF): 11,592 SF
Gross Building Area: See Agent
Gross Land Area: 8.41 Acres
Sale Price: $1,950,000
Unit Price: $121,875 Per Unit
Property Use Type: Investment
Building Name: Magnolia Place
Sale Terms: Undisclosed
Cap Rate: 5.51%
Last Updated: 10/7/2021

Overview / Comments

Beck Partners Investment Sales is pleased to invite investors to review the Investment Offering for Magnolia Place Apartments a 186 vintage, boutique 16-unit Class B+ asset located in Elberta Alabama. Elberta is only minutes away from booming Foley Alabama within Baldwin County, the fastest growing county in Alabama and the 7th fastest in the US. Magnolia Place provides residents with a safe and affordable living experience in a quiet neighborhood setting. The thoughtful design and product quality of Magnolia allows for easy management and maintenance. Magnolia Place represents an exceptional, long-term investment opportunity to acquire a high quality asset with extraordinary potential and future opportunity that will enhance any portfolio.

Current ownership has greatly improved the property with new parking lot, new roofs, and interior unit upgrades, further improvements of laundry facility and conversion of office to a rental unit will provide additional revenue.

New roofs and parking lot overlay
Several, new renovated Units
100% occupied
Significant organic rental growth opportunity
Value-add through additional renovated units and laundry upgrades

Attachments & Media

Additional Details

Nearest MSA: Daphne-Fairhope-Foley
County: Baldwin
Tax ID/APN: 05-53-09-29-2-000-001.000
Zoning: RSF-1
Year Built: 1986

View FullscreenMap

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 3,903 11,033
Median Age: 40.72 42.74
Households: 1,503 4,474

Contact

Photograph of Listing Agent

Justin A. Beck, CCIM, CPM

Beck Partners CRE, LLC TALrex.com Member
Photograph of Listing Agent

Stacy Taylor, CCIM

Beck Partners CRE Not a member of TALrex.com
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Gulf Coast CMLS nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.