2101 5th St

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Address: 2101 5th St, Bridgeport, AL 35740, USA
Created date: June 24, 2024
Date last updated: July 8, 2024
  • 96% Occupancy
  • In-Place non-refundable “Risk Fee” on every new lease that averages out to be $1500 per unit.
  • There are multiple large factories in close proximity, plus a $600 million Google data center in Bridgeport
  • There is limited multi family competition in the surrounding area and building new product would most likely be cost prohibitive.
  • Outstanding Property Manager already in place, who may be retained by new ownership.
  • We have On-Site Property Maintenance.
  • There is an upgraded On-Site Laundry that generates vending income of approximately $8000 per year.
  • There is a brand new onsite dog run
  • Two large on-site storage/facilities rooms
  • Capacity expansion opportunity on existing pad with consistent building footprint

Property Description

This asset consists of 28 units, located in Bridgeport Alabama, in the heart of the Chattanooga metro. These apartments feature furnished and unfurnished units. As well as wide variety of great amenities including a courtyard , a pet-friendly environment, and a few minutes drive to local shops. Bridgeport 28 is a multifamily asset located near the border of Alabama and Tennessee, in the town of Bridgeport. This property is an excellent opportunity for investors to adopt an in-place, proven value add strategy that increases rents across the property and pushes the value of the asset to nearly $3,500,000 in 5 years. Current ownership began the implementation of this business plan within the last calendar year and has managed to complete renovations on 10 of the 28 units. Among features included in the renovation process, ownership has implemented LVP flooring, new carpet, new paint, additional bathtub coating, and varied light fixture, cabinetry, and countertop replacement for the units requiring it. Utilizing this strategy, ownership has been able to raise rents for their 2-bedroom units by $100. Comparable rental properties in the area indicate that Bridgeport 28's rent increases are fairly conservative, providing investors with additional opportunities to raise rent near the market average. By completing the renovation strategy implemented by the current ownership, new investors have the opportunity to achieve a 5 Year IRR of 25% and a disposition value of nearly $3,500,000.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $2,195,000
No. of Units: 28
Year Built: 1978
Lot Size: 5.10 Sq ft
Opportunity Zone: No
Price per unit: $78,393
Property Website Click Here
Address: 2101 5th St, Bridgeport, AL 35740, USA
Provided by:

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