Traffic circle adjacent, 6-unit apartment building in which $156,500 has been spent on capital improvements over the last year. These improvements include a new roof (May 2026), sewer work and installation of a sewer clean out, renovated laundry room including the purchase of 3 washing machines and 3 dryers, exterior dawn to dusk lighting, addition of coded locks on the gates, and a fully renovated 2-bedroom unit. The renovation of this unit includes the following new items: mini split providing heat and air conditioning, kitchen cabinets, counters and appliances, luxury vinyl flooring, windows and blinds, lighting fixtures, and beautifully remodeled bathroom. The desirable unit mix includes 5 - 2 bedroom/1 bathroom units and 1-1 bedroom/1 bathroom unit. There are 5 tandem parking spots behind the building providing parking for up to 10 cars depending on vehicle size. The cap rate is approximately 6% and the GRM is approximately 10 - these numbers were calculated using the actual rents for the 4 occupied units and pro forma rents for the two vacant units.
Listing courtesy of Listing Agent: Kendra Miller (kendramiller@kw.com) from Listing Office: Keller Williams Coastal Prop..
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