Contract -
You do NOT want to miss this amazing opportunity to own a 6 unit multi-family apartment complex in the North Memphis area of midtown! This 2/1 4200 sq 6 unit apartment (700 sq ft. per unit) has had 85% of the remodel completed and is awaiting for electrical installation and to start marketing for tenants! Units were previously occupied at $400-$450/mo per unit. Owner responsible for water and waste. At the asking price of $90,000, you are looking at a major 20%+ cap rate annually after property taxes, insurance, PM fees, water, waste and maintenance.
Features a fenced and iron gated area, top and bottom units with stair access on both sides. Located next to a convenience store. Surrounding complexes are fully occupied! Roof was replaced less than 10 years ago. No HVAC maintenance as units require window units or other options.
Remodel costs to complete are comparably low at $10,000 or less. My team would be more than obliged to complete the repairs for the new owner! Inquire about our property management for this property at only 10% monthly (potential tenants are already awaiting for completion).
This is a STEAL to pick up 6 doors in one of the hottest rental markets in the US!
For more information contact Jonathan at [email protected] or by phone to 901-290-7827.
