The property consists of 34 two-bedroom garden style apartments situated on 2 acres of land which contains 50 parking spaces. The building was gutted and renovated in 2021 and is now in lease up. The kitchens and bathroom were renovated with new appliances, fixtures, cabinets, countertops and flooring. The sheetrock is new as is the lighting. The roofs are brand new.
The units are all 2 bedrooms, 1 bath and are approximately 800 square feet of size. The monthly average of $895 for rent is on the low side of the market, giving the buyer a chance to increase the rents substantially upon renewal. Stainback Street Apartments is a solid low-maintenance non-capital intensive investment for a buyer focused on rental growth, management efficiencies, and solid cash flow.
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