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620 Cedar Street

Montgomery, AL 36104
  • $595,000
  • STATUS: Active
  • ON SITE: 16 Days
  • MLS #: 525545
UPDATED: 198 min ago
$595,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Multi-Family
County:
Area:

School Information

Middle School:
,

Description

This 16-unit concrete block apartment complex is a total rehab but has the potential to bring in $950 per unit after the apartments are fixed up. The current owner has started the renovation by installing a brand new architectural shingled roof, replacing all the rotten fascia and has had the exterior freshly painted. The after repaired value of the complex is estimated to be approximately $1.1 million. Pro-forma rents are $182,400 per year at $950/month. Rents could even be higher if used as student housing. The same owner also has another 16-unit property close by at 613 Watts Avenue which is also on the market at a price of $559900. If both complexes are purchased the seller will offer a slight discount. The complex would be a perfect student housing complex as it is located within walking distance to a 4-year University. The complex is also located within minutes of the many historical attractions in Montgomery including the nationally acclaimed Equal Justice and Freedom Museum and Monument and the forthcoming $70 million white water adventure park which is expected to bring in over 300000 visitors per year. 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." Come experience the southern hospitality of Montgomery and attractive investment opportunities as Alabama has the lowest property taxes in the continental U.S. As an extra tax incentive the complex is in an opportunity zone.The city of Montgomery is home to the only Hyundai car manufacturing plant in the U.S., as well as having two Air Force bases, the renowned Legacy Museum, one of the largest Shakespeare Festivals and is the State Capital. Montgomery continues to add more cultural, educational and entertainment venues every year. Come invest in the City of Dreams today!

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© 2022 Montgomery Area Association of Realtors, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Buck Realty LLC. Data last updated: 2022-09-29T00:20:32.833.

www.mybuckrealty.com/homes/133000790
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620 Cedar Street Montgomery, AL 36104

  • Price: $595,000
  • Status: Active
  • On Site: 16 Days
  • Updated: 198 min ago
  • MLS #: 525545
0
Beds
0
Baths
0
½ Baths
N/A
Acres
County:
Montgomery
Area:
Montgomery
Middle School:
,
Property Description
This 16-unit concrete block apartment complex is a total rehab but has the potential to bring in $950 per unit after the apartments are fixed up. The current owner has started the renovation by installing a brand new architectural shingled roof, replacing all the rotten fascia and has had the exterior freshly painted. The after repaired value of the complex is estimated to be approximately $1.1 million. Pro-forma rents are $182,400 per year at $950/month. Rents could even be higher if used as student housing. The same owner also has another 16-unit property close by at 613 Watts Avenue which is also on the market at a price of $559900. If both complexes are purchased the seller will offer a slight discount. The complex would be a perfect student housing complex as it is located within walking distance to a 4-year University. The complex is also located within minutes of the many historical attractions in Montgomery including the nationally acclaimed Equal Justice and Freedom Museum and Monument and the forthcoming $70 million white water adventure park which is expected to bring in over 300000 visitors per year. 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." Come experience the southern hospitality of Montgomery and attractive investment opportunities as Alabama has the lowest property taxes in the continental U.S. As an extra tax incentive the complex is in an opportunity zone.The city of Montgomery is home to the only Hyundai car manufacturing plant in the U.S., as well as having two Air Force bases, the renowned Legacy Museum, one of the largest Shakespeare Festivals and is the State Capital. Montgomery continues to add more cultural, educational and entertainment venues every year. Come invest in the City of Dreams today!
Exterior Features

Construction Materials BlockConcrete

Interior Features

Appliances Electric Water Heater Cooling None Cooling YN No Flooring Concrete Interior Features Breakfast Area

Property Features

Architectural Style Two StorySplit-Level Association YN No Foundation Details Slab Gross Income 182400 Lease Considered YN No Levels TwoMulti/Split Listing Terms CashConventional MLSArea Minor Montgomery Area Association Of Realtors New Construction YN No Number Of Units In Community 16 Owner Pays Grounds CareInsuranceTaxes Possession Close Of Escrow Sewer Public Sewer Stories 2 Tax Annual Amount 145 Tax Legal Description Hall Lot10 Blk B Plat Bk 001 Page 020 Tenant Pays All Utilities Utilities Cable Available Water Source Public

Listing provided by David Herman of David Herman Realty: 334-207-2464.



© 2022 Montgomery Area Association of Realtors, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Buck Realty LLC. Data last updated: 2022-09-29T00:20:32.833.

 
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