Highlights

• Stabilized CAP Rate +18%
• OWNER FINANCING AVAILABLE - 6.75%Apr fxd, 25Yr, 5yr Balloon MUST have 25% down
• Capitalize on recent city initiatives that have demolished public housing and has created strong demand for affordable urban apartments

• Highly Visible Location w/ GDOT Traffic counts over 170,000
• Property sits on 1.12 acers of county' s least restrictive commercial zoning C1 - Unlimited long term investment options
• Additional Revenue possibilities through commercial bill board permit

Description

Conservative Pro Forma CAP rate is +18%, No B.S. This REO is an incomplete rehab project that is about 30-40% complete, this asset is currently a NON performing with about 12 tenants. This is an opportunity to complete the rehab, lease up stabilize a 68 unit bank owned apartment portfolio; which consists of 9 solid brick buildings on 3 parcels, just under 2acr with great visibility and road frontage (DOT 170k/day). BONUS 2 Parcel sit on over 1 acre of rezoned C - 1 commercial zoning. This is the counties least restrictive commercial zoning. ). Rehab estimates range $90k-140,000 phase 1 and $350,000-450k total. Leverage the increased affordable housed demand and decrease inventories. After project completion this will be a cash cow, with an estimated value of $2.1MM - $2.8MM and conservatively over 1M in Owner Equity.
OWNER FINANCING AVAILABLE MUST have 25% down (NON Negotiable- Proof of funds Req for all offers)& NO loan fee, NO prepay, NO appraisal fee and NO personal guarantee. 6.75%Apr, 25Yr, 5yr Balloon. Max 75% LTV, NO rehab financing (investor must have proof of rehab capital. FOR OFFER TERMS & MARKETING INFO FILL OUT & FAX BACK CA AGREEMENT

The subject properties located @ 1981, 1983 & 2167 MLK Jr Blvd. have great visibility with all parcels having frontage on MLK Jr Drive (GDOT traffic count of 14,800/day) and backing Interstate, I-20 east bound (GDOT 155,000/day). The two properties with C 1 zoning include a combined 190ft along MLK drive & another 191ft in the rear that backs I-20; that is a 190ft of C1 zoning with direct access to I-20E just prior to exit #53. Directly On Public transportation line, Get first choice of renters as apartments are the first set going W on MLK. Area is in transition with B, C, & D class apartments surrounding. SHOWING Tue Thur 1-3pm with appointment. Drive by preview encouraged.