Introducing Town & Country Multi-Unit Apartments, located in West Bay, this 20,090 sq ft property comprises of four apartment buildings 32 1-bedroom with 1-bath and 4 two-bedrooms with 1 Jack & Jill access bathroom.
This property is an excellent asset for a buyer who's looking at getting into the affordable housing arena, especially the rental income side of things, as these are always rented and offer a great return on investment with limited capital investment needed, as the structures are only four years old primarily other than one structure, which was originally 22 years old but was refinished. ROI is 7.65% after management. As such, the amount of capital repairs as it is effectively the equipment, appliances, etc. are only four years old. This means that the maintenance side should be limited. The area of insurance is one which obviously fluctuates in the market. This has a knock-on effect on the return on investment but as the insurance rates go down, the return should improve.
Keep in mind also that rent rates continue to increase as time goes on, especially in this arena. There are more and more people coming here to work, especially to provide food and beverage services, whether it's in the hotel business or other types of construction industry, and landscaping. The properties are generally always 100% occupied, and usually upon turnover. There's always a tenant found immediately and a very limited amount of vacancy.
The property is currently managed by its own services, so it is a hands-off or hands-free asset at the end of the day and requires very little management or input from the owner due to having management in place.
The complex is in a peaceful neighborhood and benefits from easy access to local amenities and conveniences. It offers the best of both worlds – a quiet area with everything you need just a short drive away.
Please contact us for further details or to arrange a viewing.