534 Rosa L Parks Avenue
Montgomery, Alabama AL 36108
$3,400,000 Price
Active Status
488549 Listing ID
Great income producing investment for this completely renovated, 60-unit apartment complex! This 60 unit complex consists of 49- 2 bedroom units and 11-3 bedroom units with a pro-forma gross rent of $42,700 per month or over half a million dollars per year. Property was completely renovated in 2020 and is currently 70% leased but can easily be 100% leased with better marketing efforts and/or Section 8 tenants. The apartments have new appliances, new electrical, new plumbing to the street, heating & air in all units, and new tank-less hot water heaters. Coin operated laundry room is onsite and property has state-of-the-art security features such as an electronic security gate and 24 hour security surveillance. Property is fully fenced in and the security cameras have a direct link to the Montgomery Police department 24/7. Complex is located within minutes of many historical attractions in the downtown Montgomery area and easy access to public transportation. Montgomery was named the #1 historical city in the United States by USA Today in 2014 and was listed on the NY Times list of "50 places you must visit before you die" The apartments are also located near the nationally acclaimed Equal Justice and Freedom museum and monument which was opened in 2018 and attracted over 600,000 visitors in the first years. The City of Montgomery plans to build a $50 million water park within walking distance of the apartments that will attract many more visitors. Contractor moved onsite to personally supervise the complete renovation of this amazing project, and the quality of the construction is exceptional and first-class. Apartments would be ideal for AirBnb opportunities because of proximity to tourism attractions or can be a solid income producing investment property with long-term tenants. With 25% down payment, the owner will finance for a short term.
Schedule Showing
Status Active
County Montgomery
Year Built 1960
Property Type Residential Income
Residential Income

Primary Features

County: Montgomery
Property Type: Residential Income
Year Built: 1960

Interior

Appliances: Electric Range, Refrigerator, Tankless Water Heater
Cooling: Window Unit(s)
Flooring: Plank, Vinyl
Heating: Central, Electric
Interior Features: Kitchen/Dining Combo
Levels: Two
Stories: 2

External

Architectural Style: Two Story
Construction Materials: Block, Concrete
Foundation Details: Slab
Number Of Units In Community: 60
Number Of Units Total: 60
Sewer: Public Sewer
Utilities: Electricity Available, High Speed Internet Available
Water Source: Public

Location

MLS Area Major: MONT-Central Montgomery/ Cloverdale/ASU
MLS Area Minor: Montgomery Area Association of Realtors

Additional

Mls Status: Active
Permission: IDX
Year Built Source: Public Records

Financial

Contingency: Inspection
Owner Pays: Grounds Care, Trash Collection, Water
Possession: Close Of Escrow
Tax Annual Amount: 1618
Tenant Pays: Electricity, Heat

Zoning Info


© 2021 Montgomery MLS (MAARMLS).
Information deemed reliable, but not guaranteed. Data last updated: Saturday, October 23rd, 2021 at 12:33:23 AM.
Listing courtesy of David Herman Realty

Contact - Listing ID 488549

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OurTown Realty

1779 Taliaferro Trail
Montgomery, AL 36117
Phone: 334277-2411
Phone Alt: 334546-2227

Data services provided by IDX Broker