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The Gallery Apartments

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Address: 2780 Raleigh Lagrange Rd, Memphis, TN 38128, USA

Atlanta & Southeast + Apartment Buildings

Created date: April 10, 2024

Date last updated: October 30, 2024

Gross Scheduled Income: $403,200
Net Operating Income: $221,246
Cap Rate: 8.43%

Property Description

The Gallery Apartments has large spacious townhome units and has undergone renovations in the past five years! The townhome floor plans are a huge competitive advantage for leasing. Renovations include: new roof, 60% new patio fencing, new appliances & Formica countertops as needed in most units. All HVAC units that sit outside are less than 7 years old. 25 units have been renovated and are in good condition. 7 units have not been renovated but are in rentable condition. Exterior lighting, signage, fencing, landscaping, gutters, and exterior painting have also been upgraded recently. The property has been in transition over the last year as the seller has focused on removing slow- or no-pay residents and renovating those apartments to attract better residents and higher rents. This process has been reflected in the income and expenses. The existing lender, who is confident in its ability to cash flow over time, would like to make a new loan on the property for the right investor.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$2,425,000
No. of Units:	32
Year Built:	1974
Lot Size:	36,820.00 Sq ft
Opportunity Zone:	No
Price per unit:	$75,781
Property Website	Click Here