Multi-Family Space For Sale @ 1302 Navco Rd

1302 Navco Rd, Mobile, AL 36605

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David K.

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Oak Knoll Apartments is a value add opportunity & is comprised of forty-four 2BR/1BA units approx. 950sf each. The property sits on 2.6 acres, has 90 parking spaces, laundry room & sits next to a grocery anchored neighborhood center. Each unit has a front & rear access & the second floor apartments are accessed from the front or rear breeze way. The buildings are frame construction on slab with brick veneer and pitched roofs. The property was built in 1966. There's an opportunity to update the units and bring the rents up $50-$100, depending on updates. Current rents are $525/month & there are 9 vacancies. 4 units are down to a fire, 1 is being used as storage, one is being used as the office and 3 are make readies. The 4 unit building that burned has two units severely damaged & the other 2 units suffered smoke damage. The fire occurred more than 2 years ago & the cause was grease fire started in the kitchen. The building has been released back to the ownership for repair. There are numerous ways to bring more value to this asset and increase the NOI coming out of your first year in operation significantly. This listing will not last long and is priced to sell fast.

Value Add Opportunity

80% Occupancy

Below Market Rents

Over a 10% Cap Rate

Strong Rental Market

Listing company: Beck Partners Cre, Llc

Pricing: Contact for Pricing

Availability: Now

Listing ID: 922772

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Sale Price: $0

Type: Multi-Family Space

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