Avignon Terrace

335 West Jeff Davis Avenue, Montgomery, AL

12.73% return

SP: $1,975,000

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Property Description

BEAUTIFUL BRICK COMPLEX!!!

35 unit apartment complex. 350% improvement this year!!!! 12%+ NET RETURN ON INVESTMENT AND OVER $500k+ IN VALUE ADD!!! Located in the heart of georgeous capital city of Montgomery, AL. 400k residents in the MSA. Separate electric meters, central heat and air, city water and sewer. On-site laundry room for additional income. Adjacent vacant lot is included as well and has a really nice playground for kids. Perfect complex for families. Property is almost fully occupied!!!! Sold at a huge discount!!! Tons of upside, last state capital city with tons of appreciation potential and affordability.

Do not miss out on this opportunity, call today!

Property Information

Listing statusSold
Property typeMulti Family
Total units35
Total bedrooms74
Total bathrooms35
Building size26450 sq. ft.
Lot size2.0 acres
Year built1969

CountyMontgomery County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral air

Property Financial Summary

Sale price$1,975,000
Estimated rehab¹$25,000
Total investment$2,000,000

TypeProforma
After repair value$2,625,000
Potential profit$625,000

Gross income (annually)$330,600
Operating expenses (annually)$76,061
Net income (annually)$254,539
Gross return16.53%

Gross income (monthly)$27,550
Operating expenses (monthly)$6,338
Net income (monthly)$21,212
Net return12.73%

Property Income & ExpensesMonthlyAnnual

Income

Laundry Income$1,000/month$12,000/year
Unit 1: 1 bed / 1 bath$600/month$7,200/year
Unit 2: 1 bed / 1 bath$600/month$7,200/year
Unit 3: 2 bed / 1 bath$750/month$9,000/year
Unit 4: 2 bed / 1 bath$750/month$9,000/year
Unit 5: 2 bed / 1 bath$750/month$9,000/year
Unit 6: 2 bed / 1 bath$750/month$9,000/year
Unit 7: 2 bed / 1 bath$750/month$9,000/year
Unit 8: 2 bed / 1 bath$750/month$9,000/year
Unit 9: 2 bed / 1 bath$750/month$9,000/year
Unit 10: 2 bed / 1 bath$750/month$9,000/year
Unit 11: 2 bed / 1 bath$750/month$9,000/year
Unit 12: 2 bed / 1 bath$750/month$9,000/year
Unit 13: 2 bed / 1 bath$750/month$9,000/year
Unit 14: 2 bed / 1 bath$750/month$9,000/year
Unit 15: 2 bed / 1 bath$750/month$9,000/year
Unit 16: 2 bed / 1 bath$750/month$9,000/year
Unit 17: 2 bed / 1 bath$750/month$9,000/year
Unit 18: 2 bed / 1 bath$750/month$9,000/year
Unit 19: 2 bed / 1 bath$750/month$9,000/year
Unit 20: 2 bed / 1 bath$750/month$9,000/year
Unit 21: 2 bed / 1 bath$750/month$9,000/year
Unit 22: 2 bed / 1 bath$750/month$9,000/year
Unit 23: 2 bed / 1 bath$750/month$9,000/year
Unit 24: 2 bed / 1 bath$750/month$9,000/year
Unit 25: 2 bed / 1 bath$750/month$9,000/year
Unit 26: 2 bed / 1 bath$750/month$9,000/year
Unit 27: 2 bed / 1 bath$750/month$9,000/year
Unit 28: 2 bed / 1 bath$750/month$9,000/year
Unit 29: 2 bed / 1 bath$750/month$9,000/year
Unit 30: 3 bed / 1 bath$850/month$10,200/year
Unit 31: 3 bed / 1 bath$850/month$10,200/year
Unit 32: 3 bed / 1 bath$850/month$10,200/year
Unit 33: 3 bed / 1 bath$850/month$10,200/year
Unit 34: 3 bed / 1 bath$850/month$10,200/year
Unit 35: 3 bed / 1 bath$850/month$10,200/year
Total$27,550/month$330,600/year

Expenses

Property Taxes$1,018/month$12,217/year
Maintenance reserve$1,167/month$14,000/year
Electric bill$122/month$1,464/year
Water and Sewer$917/month$11,000/year
Insurance (estimated)$1,497/month$17,964/year
Waste Collection$485/month$5,816/year
Property Management$1,000/month$12,000/year
Lawn care$133/month$1,600/year
Total$6,338/month$76,061/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.