501 Plaza Drive
- Opportunity to raise rents - $135 below closest apartment comp
- Opportunity to reduce water bill and start billing back to residents
- One story duplex units with washer/dryer connections
Property Description
The Plaza is a 24 unit apartment community made up of 12 one story duplexes. They are all 2 Bed / 1 Bath units, with washer/dryer connections in each unit. They have strong current occupancy and there is room for rent increases. Property manager says they haven't raised rents in 5 years. Rents are about $135 below the 2 bedroom units in the apartment complex nearby. There is also an opportunity to reduce the utility costs and start billing back the water to the residents. The current water bill is about 2 times higher than the expense comps we have for the area. Good operational improvements will drive higher returns for the new owner.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 24 |
| Year Built: | 1966 |
| Opportunity Zone: | No |
| Property Website | Click Here |
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