2322 Indian Drive, Jacksonville, NC 28546

Description

This is a 20 unit true apartment complex in a great and heavily growing area of Jacksonville, North Carolina which is a short distance to Topsail and Wilmington Beaches. Complex is Completely turnkey to start making money right of way. Property is currently being increased to $1075-1100 from their current lower rates. Roughly 5-7 of the units already have leases signed at this amount. When completed total income will be about $276,000 a year and at this price brings it closer to a 9-10 percent CAP without really doing much. Professional management is in place but is not needed and would save a 8 percent in expenses. Majority of the Hvacs systems are very new along with the roofs only being about 2 years old. Parking lot was also just resurfaced. Units are in GREAT shape but still value add to be done in the units over next couple lease cycles. Rents can also be increased as Jacksonville's market continues to build and build. Very clean community with schools, fire departments, stores and restaurants very close by. the Units are very spacious and have full kitchens with all appliances. Washer and dryers are also in each unit. These units rent very very easy.