Park Avenue Apartments

1216 Park Avenue, Columbia, MS

16.63% return

SP: $399,900

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Property Description

AWESOME COMPLEX!!!!

3 Quads on one parcel. 12 units x 2bed/1bath units. Brick Construction, Separate Electric Meters, Central Heat And Air, City Water And Sewer. Excellent Construction Quality. WILL GENERATE A 16%+ NET RETURN ON INVESTMENT!!! OVER $80k IN VALUE ADD!!! Sold at a discount. Landlord friendly state. LOW EXPENSES!!!! Do not miss out on this amazing opportunity.

Financing and property management is available!!!!

Property Information

Listing statusActive
Property typeMulti Family
Total units12
Total bedrooms24
Total bathrooms12
Building size5,712 sq. ft.
Lot size0.6 acres
Year built1982

CountyMarion County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral
CoolingCentral

Property Financial Summary

Sale price$399,900
Estimated rehab¹$20,000
Total investment$419,900

TypeProforma
After repair value$499,900
Potential profit$80,000

Gross income (annually)$100,800
Operating expenses (annually)$30,974
Net income (annually)$69,826
Gross return24.01%

Gross income (monthly)$8,400
Operating expenses (monthly)$2,581
Net income (monthly)$5,819
Net return16.63%

Property Income & ExpensesMonthlyAnnual

Income

Building 1
Unit 1: 2 bed / 1 bath$700/month$8,400/year
Unit 2: 2 bed / 1 bath$700/month$8,400/year
Unit 3: 2 bed / 1 bath$700/month$8,400/year
Unit 4: 2 bed / 1 bath$700/month$8,400/year
Building 2
Unit 5: 2 bed / 1 bath$700/month$8,400/year
Unit 6: 2 bed / 1 bath$700/month$8,400/year
Unit 7: 2 bed / 1 bath$700/month$8,400/year
Unit 8: 2 bed / 1 bath$700/month$8,400/year
Building 3
Unit 9: 2 bed / 1 bath$700/month$8,400/year
Unit 10: 2 bed / 1 bath$700/month$8,400/year
Unit 11: 2 bed / 1 bath$700/month$8,400/year
Unit 12: 2 bed / 1 bath$700/month$8,400/year
Total$8,400/month$100,800/year

Expenses

Property Taxes$379/month$4,546/year
Insurance$377/month$4,528/year
Water and Sewer$475/month$5,700/year
Waste Collection$250/month$3,000/year
Lawn care$100/month$1,200/year
Maintenance reserve$1,000/month$12,000/year
Total$2,581/month$30,974/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.