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Strong Cashflow 34-Unit Complex

2183 E Cherry St, Paris
ROI
22.95% IRR
Strategy
Long Term Rental
Strong cashflow 34-unit complex. Hitting the 1% Rule with over $20k/mo in rents and $3500/mo in cashflow with value-add potential on some units. GRP is $23k with updated and stabilized units. Excellent cashflow and value-add opportunity. 15,023 total sq ft 34-unit complex. All 1 bed apartments. On-site laundry, owner pays water, sewer, trash, and common area electric. New HVACs on almost half of units, many units fully remodeled. Rents average $591/unit, range from $475 to $650/mo for updated units. After finishing updating units and bringing rents to market, GRP is $22,950/mo.

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Strong Cashflow 34-Unit Complex

Listed 03/11/2024

2183 E Cherry St, Paris

Purchase Price:$1,900,000

Cash Outlay:$683,000

Cashflow:$4,281/mo

Cap Rate:8.65%

IRR:22.95%

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