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3800 Governors Dr
Montgomery, AL 36111
Governors Parc Apartments · Multifamily Property For Sale
·
228 Units
Investment Highlights
- 228 total units
- Average rent premium available: $70/unit
- Heavily renovated asset (over $6.5M total capex – nearly $30k/unit) with all new exteriors, roofs, stairways, mechanicals, electric, plumbing, ETC.
- 60%+ renovated unit interiors
- Year One offers a high 7% cap rate, with a clear pathway to achieving a fully stabilized 9% cap rate and double-digit yields by Year Two
- 10-minute drive from the Hyundai Manufacturing Plant under 3 miles from major grocery options like, Fresh Market, Publix, Aldi, & Walmart
Property Facts
| No. Units | 228 | Building Size | 219,496 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1971 |
| Building Class | C | Parking Ratio | 1.59/1,000 SF |
| Lot Size | 10.91 AC | ||
| Zoning | R-75-M | ||
| No. Units | 228 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 10.91 AC |
| Building Size | 219,496 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 1.59/1,000 SF |
| Zoning | R-75-M |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 76 | - | 770 |
| 2+1 | 28 | - | 930 |
| 2+2 | 104 | - | 1,059 |
| 3+2 | 20 | - | 1,240 |
Property Taxes
| Parcel Number | 10-08-27-3-008-038.000 | Improvements Assessment | $1,459,800 |
| Land Assessment | $88,000 | Total Assessment | $1,547,800 |
Property Taxes
Parcel Number
10-08-27-3-008-038.000
Land Assessment
$88,000
Improvements Assessment
$1,459,800
Total Assessment
$1,547,800
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