WE SELL 4 BUILDINGS INDIVIDUALLY, 2, 3 OR ALL TOGETHER!!! EACH BUILDING $585K.
Great Investment Opportunity - Renovated Buildings - 10% CAP (Proforma ) (Actual CAP is 8%) - 100% occupancy (some Tenants are under process)!!!
This property consists of (4) two-story buildings which are comprised of (32) one-bedroom/one-bathroom units and (24) two-bedroom/two-bathroom units. The buildings have central air conditioning. The buildings have individual meters; residents are responsible for water and sewer. Units have been recently renovated; most of them have new central A/C units, vinyl wood flooring, new appliances, sinks, bathtubs, toilets, bathroom vanities, interior and exterior lighting, ceiling fans; all the units have washer/dryer appliances. Buildings have fresh exterior paint, new/repaired exterior stairs and balconies. Buildings 402 and 422 have new roof. Due to the buildings' renovation and the ongoing development in the area (see below), the rental demand of these buildings has increased considerably, and the monthly average rent per unit has increased from $546 (Dec.2016)to $725.25 (November 2018).
These buildings are being benefited by the major development that is planned for Tower Road (1 minute from Cedar Ridge Apartments) , which includes 20 buildings with 120,000 square feet of office, retail and restaurant space; 6,000 new jobs will be created. The City of Gainesville is also extending SW 8th Avenue, which will give direct access to Cedar Ridge Apartments.
Redevelopment of Community: Due to Tower Road development and the infrastructure improvement the City of Gainesville is doing, the property owners are renovating their buildings in the community.
