803 Vanity Fair Avenue

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Address: 803 Vanity Fair Ave, Butler, AL 36904, USA
Created date: July 15, 2024
Date last updated: July 16, 2024
  • Rents for this property are minimal compared to the max rents provided by the State of Alabama, meaning there’s large upside potential for this properties NOI.
  • 63% Occupancy
  • Community amenities includes laundry facilities, business center, and a playground.
  • Healthcare facilities like Choctaw General Hospital offer jobs in medical services.
  • There is limited multi family competition in the surrounding area and building new product would most likely be cost prohibitive given current construction costs.
  • Current effective rents sit at an average of $517 with max rents at $815.
  • Rental increases could increase monthly rental income by nearly $3,000

Property Description

Pebble Creek is a multifamily property near the Alabama-Mississippi state line in the town of Butler, Alabama. This property is an excellent opportunity for investors to push rents closer to their maximum capacity. This asset consists of 24 units, located in Butler Alabama, near Meridian Mississippi. These apartments have an average square footage of 918ft² per unit. Amenities include a community playground, laundry facilities, and a business center. The surrounding area of this property has seen some growth in the past years and additional future growth potential. The construction costs of new properties creates a high barrier to entry into multifamily in this area, and with a growing population and additional retail developments nearby, we expect this property to reach and maintain high occupancy levels in the coming years. Comparable rental properties in the area indicate that Pebble Creek’s current rental rates are fairly conservative, providing investors with additional opportunities to raise rent near the maximum allowed by the state of Alabama for this affordable property. This asset consists of 24 units, located in Butler Alabama, near Meridian Mississippi. These apartments have an average square footage of 918ft² per unit. Amenities include a community playground, laundry facilities, and a business center.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $950,000
No. of Units: 24
Year Built: 2000
Opportunity Zone: No
Price per unit: $39,583
Property Website Click Here
Address: 803 Vanity Fair Avenue, Butler, AL 36904, USA
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