72 units - 1 bedroom/1 bath - 700 Square Feet - $460 monthly rent
8.3 Cap Rate - great for area
98% occupancy rate - due to low rents for area
49% expense to income ratio
• Upside Potential due to below market rents and continuation of utility sub metering
• Attractive, low maintenance, all-brick exterior
• Located in the VERY desirable Redevelopment area.
Partial list of improvements performed in the last 15 years;
1. New Large Road Sign and directional/office signs in 2004
2. Parking Lot Completely Replaced in 1992. It was then Resealed, and Re-striped in 2001, and re-striped in 2006.
3. 69 of the 72 units had furnaces replaced in 2001 and 2002.
4. Approximately 60 of the 72 Air conditioners were replaced in 2001 and 2002.
5. The Underground water main system was replaced from the public fire hydrant lines to the interior of each building in 1999.
6. All Six Commercial water heaters were replaced within the last 5 years.
7. In 2003, an electrical system was added to each water heater to charge the ions inside each heater to prevent sedimentation at a cost of $9,548. This should double the normal life of each water heater.
8. A 2nd layer of 20 year asphalt shingles were installed in 1995.
9. 6 inches of rock wool insulation was added to the attics for energy conservation in 1987.
10. A mini-barn was placed on the Southwest corner of the property in 1987 for storage. It sits on skids and is not considered a part of the property tax basis.
11. The exterior steps to each apartment have been completely replaced since 1990. Most of the I beams on the stairwells have been replaced, and all stairwells were scraped, caulked and painted in April of 2006.
12. Virtually all apartments have had the gas range, refrigerator, dishwasher, disposal, carpet, and linoleum floors replaced since 1987
13. Complete Painting of All Exterior wood Surfaces, fences and entry doors
14. All light posts completely repainted in 2004
15. Complete remodeling of unit 8953 A which is the leasing office/model in 2005.
16. 5 New Maytag washers & dryers leased Through Jetz Laundry Inc. in 2004.
17. All buildings treated regularly for pests
18. All new fluorescent lights in common areas.
19. Many new updated light fixtures, ceiling fans, etc. in the last 2 years.
20. All new fire extinguishers and storage cases