Property Type:
Residential Income
Square Footage:
21,420
Lot Size (sq. ft.):
6,098
Status:
Closed
Current Price:
$2,445,000
List Date:
5/02/2022
Last Modified:
9/29/2023
Overview
Description
8 unit portfolio of seven fourplexes, owned by the same family for over 25 years. Located at 3410, 3414, 3418 , 3422, 3430, 3430 and 3438 Thaxton SE, this community is served by all of the new employment and restaurants along the Gibson/Airport corridor.
This value-add asset is ripe for an investor looking to reposition an asset. Full inspection reports are now available and the new price reflects the work that could be done by the next owner.
As the ask price of $2,445,000 and with an average rent of $723, the measures of investment performance include $87,123 per unit, $114.15 per square foot, a before reserves cap rates of 6.10%, and an after tax IRR of 13.60%.
If rents are moved to market of $1,050, measure of investment performance improve to a cap rate of 10.02%.
Last Updated: September - 29 - 2023
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