Property tours are available by appointment ONLY. Please contact John Faire to schedule at john_faire@yahoo.com or 626-437-1141. Investment Highlights: 48-unit multi-family apartment community in 9 buildings ±91.6% occupied income producing property Value-add opportunity for rent increases due to recent capital improvements Retail trade area adjacent with numerous employment drivers in area Over $547,000 in capital improvements completed in last 2 years including new roofs and other community improvements Investment Overview: Avon Garden Apartments (the “Property”) is a 48-unit recently renovated garden style apartment complex located at 725 South 20th Street in Norfolk, NE. Avon Garden Apartments, is composed of 9 residential two-story buildings with ±33,500 RSF on .37 acres of land. The Property is comprised exclusively of 2 bedroom/2 bathroom apartments with several garages also available for rent. Originally developed in 1980, several units have been renovated in the last 2 years (see CapEx schedule in the due diligence vault). Of the 48 total units, there are currently 4 down units which are currently being made rent-ready. Exclusive or the 4 down units, occupancy is currently 100% with overall occupancy inclusive of down units at ±92%. The value add opportunity exists to increase rents and per rent roll, rents are scheduled to increase in January 2018. Norfolk is the major retail trade center for Northeast Nebraska and the Property is adjacent to the primary retail corridor in the area along US-275. Numerous retail drivers support occupancy at Avon Garden Apartments including Sunset Plaza Mall, Walmart, Target, Hobby Lobby, Menards and several restaurants all within a ±5-minute drive of the Property. These numerous retail and employment opportunities create a natural source of tenants for the Property. Located one and a half hours northwest of Omaha, Norfolk is located at the junction of US 81 and US 275 W. Norfolk is the economic center for six counties and main market drivers include manufacturing, farming (livestock and grain), education and retail. The Property is about 2 miles away from both the Cowboy Trail which is the longest rail-to-trail conversion in the US and also 180 acre Ta-Ha-Zouka Park along the Elkhorn River.
« show less
Multi-Family Space
© 2008-2025 Rofo.com. All rights reserved.