The Woods Apartments
Prattville, AL 24 unit - Interior rehab project, $625k upside in 12-18 months.
Marketing description
The Woods Apartment is a vacant 24-unit property in the desirable Prattville suburb of Montgomery, Alabama. The property is currently vacant, requiring full interior renovation. A willing and qualified contractor has provided an estimate for the rehab at $1.3M, or $54k/unit.
All units are 2B/1B, and expected to achieve $1250-$1400 rents depending on rehab quality.
With a purchase price of $1M, or $41.6k/unit, and holding costs of $6k/unit during rehab and lease-up, the estimated all-in costs for this deal are $102k/u. Stabilized pricing for similar assets in the area is $125k/unit, leaving $23k/unit of upside, or approximately $550k total upside.
Investment highlights
Full rehab project in desirable Prattville, AL suburb.
$625k of upside for performing renovation and leasing up, which should take 12-18 months.
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