Calling all investors! Here is your chance to acquire a 20 unit value-add apartment complex located directly on Alpine Bay Golf Course, a Robert Trent Jones Golf Course. Investor stopped construction midway through the project. There is plenty of value for the right investor to complete renovations and either hold long term or sell for a large profit (either as an apartment complex or as individualized condos). When fully occupied this property will gross approx. $242,400 per year. ARV of approx. $2,200,000 upon completion. Apartment Complex Details; 20 Units (16) 2BR/2BA/1,100sqft & (4) 3BR/3BA/1,300sqft. 2/2 Market Rents = $975/mo & 3/3 Market Rents = $1,150/mo. Approx. $320k-$340k construction remaining to complete project. Current Condition in more detail: 8 units are 95% complete (electrical/plumbing replaced, etc. only needs minor cosmetics to be finished). 4 units are 60% complete. 8 units are 15% complete (Partial demo has started - Complete rehab required). Happy to share all supporting documentation (ARV, rental comps, etc.) and willing to discuss creative financing with interested and qualified investors! Agents welcome! 3.5% to Selling Agent.
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