Azalea Apartments

320 Fisher Ferry Road, Vicksburg, MS

17.47% return

SP: $3,800,000

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Property Description

CHEAPEST 100 UNIT COMPLEX ON THE MARKET!!!!

102 units on 13.9 acres. Sold at a serious discount, only $38k per unit!! Good occupancy. Phase 1 and appraisal reports are available by request. 17%+ NET RETURN ON INVESTMENT!!! $1.2mil IN VALUE ADD!!!

Do not miss out on this opportunity.

Property Information

Listing statusActive
Property typeMulti Family
Total units102
Total bedrooms188
Total bathrooms141.5
Building size45,673 sq. ft.
Lot size13.9 acres
Year built1971

CountyWarren County
SubdivisionVicksburg
ConstructionMASONRY
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral

Property Financial Summary

Sale price$3,800,000
Estimated rehab¹$500,000
Total investment$4,300,000

TypeProforma
After repair value$6,000,000
Potential profit$1,700,000

Gross income (annually)$950,400
Operating expenses (annually)$199,020
Net income (annually)$751,380
Gross return22.10%

Gross income (monthly)$79,200
Operating expenses (monthly)$16,585
Net income (monthly)$62,615
Net return17.47%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 11: 1 bed / 1 bath$650/month$7,800/year
Unit 12: 1 bed / 1 bath$650/month$7,800/year
Unit 13: 1 bed / 1 bath$650/month$7,800/year
Unit 14: 1 bed / 1 bath$650/month$7,800/year
Unit 15: 1 bed / 1 bath$650/month$7,800/year
Unit 16: 1 bed / 1 bath$650/month$7,800/year
Unit 17: 1 bed / 1 bath$650/month$7,800/year
Unit 18: 1 bed / 1 bath$650/month$7,800/year
Building 2
Unit 21: 2 bed / 1.5 bath$800/month$9,600/year
Unit 22: 2 bed / 1.5 bath$800/month$9,600/year
Unit 23: 2 bed / 1.5 bath$800/month$9,600/year
Unit 24: 2 bed / 1.5 bath$800/month$9,600/year
Unit 25: 2 bed / 1.5 bath$800/month$9,600/year
Unit 26: 2 bed / 1.5 bath$800/month$9,600/year
Unit 27: 2 bed / 1.5 bath$800/month$9,600/year
Unit 28: 2 bed / 1.5 bath$800/month$9,600/year
Building 3
Unit 31: 2 bed / 1.5 bath$800/month$9,600/year
Unit 32: 2 bed / 1.5 bath$800/month$9,600/year
Unit 33: 2 bed / 1.5 bath$800/month$9,600/year
Unit 34: 2 bed / 1.5 bath$800/month$9,600/year
Unit 35: 2 bed / 1.5 bath$800/month$9,600/year
Unit 36: 2 bed / 1.5 bath$800/month$9,600/year
Unit 37: 2 bed / 1.5 bath$800/month$9,600/year
Unit 38: 2 bed / 1.5 bath$800/month$9,600/year
Building 4
Unit 41: 2 bed / 1.5 bath$800/month$9,600/year
Unit 42: 2 bed / 1.5 bath$800/month$9,600/year
Unit 43: 2 bed / 1.5 bath$800/month$9,600/year
Unit 44: 2 bed / 1.5 bath$800/month$9,600/year
Unit 45: 2 bed / 1.5 bath$800/month$9,600/year
Unit 46: 2 bed / 1.5 bath$800/month$9,600/year
Unit 47: 2 bed / 1.5 bath$800/month$9,600/year
Unit 48: 2 bed / 1.5 bath$800/month$9,600/year
Building 5
Unit 51: 2 bed / 1.5 bath$800/month$9,600/year
Unit 52: 2 bed / 1.5 bath$800/month$9,600/year
Unit 53: 2 bed / 1.5 bath$800/month$9,600/year
Unit 54: 2 bed / 1.5 bath$800/month$9,600/year
Unit 55: 2 bed / 1.5 bath$800/month$9,600/year
Unit 56: 2 bed / 1.5 bath$800/month$9,600/year
Unit 57: 2 bed / 1.5 bath$800/month$9,600/year
Unit 58: 2 bed / 1.5 bath$800/month$9,600/year
Building 6
Unit 61: 1 bed / 1 bath$650/month$7,800/year
Unit 62: 1 bed / 1 bath$650/month$7,800/year
Unit 63: 1 bed / 1 bath$650/month$7,800/year
Unit 64: 1 bed / 1 bath$650/month$7,800/year
Unit 65: 1 bed / 1 bath$650/month$7,800/year
Unit 66: 1 bed / 1 bath$650/month$7,800/year
Unit 67: 1 bed / 1 bath$650/month$7,800/year
Unit 68: 1 bed / 1 bath$650/month$7,800/year
Building 7
Unit 71: 2 bed / 1.5 bath$800/month$9,600/year
Unit 72: 2 bed / 1.5 bath$800/month$9,600/year
Unit 73: 2 bed / 1.5 bath$800/month$9,600/year
Unit 74: 2 bed / 1.5 bath$800/month$9,600/year
Unit 75: 2 bed / 1.5 bath$800/month$9,600/year
Unit 76: 2 bed / 1.5 bath$800/month$9,600/year
Unit 77: 2 bed / 1.5 bath$800/month$9,600/year
Unit 78: 2 bed / 1.5 bath$800/month$9,600/year
Building 8
Unit 81: 3 bed / 2 bath$950/month$11,400/year
Unit 82: 3 bed / 2 bath$950/month$11,400/year
Unit 83: 2 bed / 1 bath$800/month$9,600/year
Unit 84: 2 bed / 1.5 bath$800/month$9,600/year
Unit 85: 2 bed / 1.5 bath$800/month$9,600/year
Unit 86: 2 bed / 1.5 bath$800/month$9,600/year
Unit 87: 2 bed / 1.5 bath$800/month$9,600/year
Unit 88: 2 bed / 1.5 bath$800/month$9,600/year
Townhouse 17
Unit 171: 1 bed / 1 bath$650/month$7,800/year
Unit 172: 1 bed / 1 bath$650/month$7,800/year
Unit 173: 1 bed / 1 bath$650/month$7,800/year
Unit 174: 1 bed / 1 bath$650/month$7,800/year
Townhouse 18
Unit 181: 3 bed / 2 bath$950/month$11,400/year
Unit 182: 2 bed / 1 bath$800/month$9,600/year
Unit 183: 2 bed / 1 bath$800/month$9,600/year
Unit 184: 2 bed / 1 bath$800/month$9,600/year
Unit 185: 1 bed / 1 bath$650/month$7,800/year
Unit 186: 3 bed / 2 bath$950/month$11,400/year
Townhouse 19
Unit 191: 2 bed / 1.5 bath$800/month$9,600/year
Unit 192: 2 bed / 1.5 bath$800/month$9,600/year
Unit 193: 2 bed / 1.5 bath$800/month$9,600/year
Unit 194: 2 bed / 1.5 bath$800/month$9,600/year
Townhouse 20
Unit 201: 3 bed / 2 bath$950/month$11,400/year
Unit 202: 1 bed / 1 bath$650/month$7,800/year
Unit 203: 2 bed / 1 bath$800/month$9,600/year
Unit 204: 3 bed / 2 bath$950/month$11,400/year
Townhouse 21
Unit 211: 3 bed / 2 bath$950/month$11,400/year
Unit 212: 1 bed / 1 bath$650/month$7,800/year
Unit 213: 2 bed / 1.5 bath$800/month$9,600/year
Unit 214: 2 bed / 1.5 bath$800/month$9,600/year
Unit 215: 1 bed / 1 bath$650/month$7,800/year
Unit 216: 3 bed / 2 bath$950/month$11,400/year
Townhouse 22
Unit 221: 3 bed / 2 bath$950/month$11,400/year
Unit 222: 2 bed / 1 bath$800/month$9,600/year
Unit 223: 2 bed / 1.5 bath$800/month$9,600/year
Unit 224: 1 bed / 1 bath$650/month$7,800/year
Townhouse 23
Unit 231: 3 bed / 2 bath$950/month$11,400/year
Unit 232: 1 bed / 1 bath$650/month$7,800/year
Unit 233: 2 bed / 1.5 bath$800/month$9,600/year
Unit 234: 1 bed / 1 bath$650/month$7,800/year
Unit 235: 2 bed / 1 bath$800/month$9,600/year
Unit 236: 3 bed / 2 bath$950/month$11,400/year
Townhouse 24
Unit 241: 2 bed / 1.5 bath$800/month$9,600/year
Unit 242: 2 bed / 1.5 bath$800/month$9,600/year
Unit 243: 2 bed / 1.5 bath$800/month$9,600/year
Unit 244: 2 bed / 1.5 bath$800/month$9,600/year
Total$79,200/month$950,400/year

Expenses

Property Taxes$1,498/month$17,974/year
Water and Sewer$6,179/month$74,151/year
Waste Collection$1,491/month$17,895/year
Insurance (estimated)$2,083/month$25,000/year
Maintenance reserve$3,333/month$40,000/year
Property Management$2,000/month$24,000/year
Total$16,585/month$199,020/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.