Three basic floor plans within the 126-unit apartment community consist of one-bedroom and two bedroom apartments. Built in 1974, the building has been well-maintained and features an assortment of community features. Current ownership has recently invested nearly $450,000 in capital improvements which include:
Additionally, 15 apartments have undergone a "Full-Scope" improvement that includes:
New Cabinet Doors and Drawer Faces
Vinyl Plank Flooring
Modern Ceiling Fans
Designer Hardware and Fixtures
These units on average rent for nearly $200 more per month than un-renovated units. An investor has the opportunity to substantially increase operating revenues and the asset's overall value by renovating the outstanding un-renovated units.
Another 99 apartments have undergone partial renovation with new flooring and cabinets. 12 apartments have received no recent updates. A capital expenditure program schedule is suggested in the investment analysis section.