Quaker Terrace Apartments
- Median Household Income $79,643 in 1 mile radius
- Traffic count of 36,000 cars per day
- Room to boost rents to market
- Current rents as percentage of AMI is only 9.6% now
Property Description
Quaker Terrace is a two-story, 34 unit property with brick construction and a recently replaced roof. The unit mix is 16 one bedroom units and 18 two bedroom units. The median household income in the 1 mile radius of the property is right under $80,000, plenty to support boosting rents. The current rents are on average $140 below the rent comps so there's significant room to improve the property, boost NOI, and raise the value of the property. The financial modeling includes investing $3,500 per unit for the 19 units that aren't updated yet and boosting the rents to market.
Key Property Information
| Listing Status: | Available |
|---|---|
| Multifamily type: | Garden Style |
| No. of Units: | 34 |
| Year Built: | 1973 |
| Building Size: | 23,676 Sq ft |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
Unit mix
| Description | No. of Units | Sq ft. | Avg. Monthly Rent |
|---|
Similar Properties in the Area
916 West 42nd St
Miami Beach , Florida
Apartment News
View All-
TruAmerica Multifamily’s Bob Hart Launches Communities-Focused Podcast
National | November 30, 2023
-
Analysis: How Reliable Are the Census Multifamily Starts?
National | November 30, 2023
-
UWS New Resi Launches Sales
New York & Tri-State | November 30, 2023
Investing Classroom
View All
Brokers
View All-
Carson Mitchell
Clements and Bush Trading | Texas
-
"T." Furlow
-
G B
-
Eddie Jones
Marketing Alliances Group
Lenders
View All-
Felix Gutnikov
California
-
Gary Bechtel
North Carolina
-
Brad Ross
California
-
Ken Gaitan
Idaho
