613 WATTS Street,Montgomery, AL 36104

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Property Type
Residential Income
Price
$559,900
MLS #
#523942

About This Property

A diamond in the rough multi-family investment opportunity! 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 and replacing all the rotten fascia. 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.

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. 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.

List Price
$559,900
Status
Active
MLS ID
523942
Town
Montgomery
County
Montgomery
Zip
36104
Property Type
Residential Income
City Postal
Montgomery
Construction
Block,Concrete
Cooling
None
Directions
From I-85 North take the Union Street Exit and turn right on Union Street and then right on High Street and then right on Watts.
Flooring
Tile
Heating
Wall Furnace
Original List Price
$559,900
Utilities Available
Cable Available,Natural Gas Available