Value Add 44 Unit Complex

Village Park is a value add 44-unit with eleven single-story four-plexes on contiguous lots along Yvonne Street. Stabilized at 44 units leased at $675 with a 5% vacancy factor, pro forma NOI is $197,736 at a 41.6% expense ratio. That's $120,907 of NOI upside from leasing 23 vacant units at a rent already proven on site.The mix is uniform, every unit a 2 BR / 1.5 BA at approximately 591 square feet with stove, refrigerator and central air, across roughly 26,004 rentable square feet. Twenty-five units have been recently refreshed, roofs are approximately four years old, and units are separately metered with residents paying electricity, gas and water.

Twenty-one of 44 units are occupied (47.7%) producing $12,275 per month, or $147,300 annualized, at an average in-place rent of $585. Carrying all 44 units at $675, the highest rent already achieved in the current roll, takes gross scheduled rent to $356,400 and represents $209,100 of annual upside.

Stabilized at 44 units leased at $675 with a 5% vacancy factor, pro forma NOI is $197,736 at a 41.6% expense ratio. That's $120,907 of NOI upside from leasing 23 vacant units at a rent already proven on site.

Carrying all 44 units at $675, the highest rent already achieved in the current roll, takes gross scheduled rent to $356,400 and represents $209,100 of annual upside.