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High occupancy multi-family investment located on Hwy 19 approximately 9 minute drive to Harrah's Cherokee Casino. Property consists of 18 each Studio Efficiency, 4 each Studio w/Kitchen, 3 each 1 bedroom apartments and 1 each 2 bedroom apartment. Current occupancy is at 96%. The only vacant unit is under renovation and will be completed very shortly. Current Rent revenue is at $181,200.00 with an additional $18K in Laundry revenue. GPR is set at $193,200.00 with a total expense ratio of just under 50% and net income over $116,000.00 per year. Price is set at 8.75% Capitalization Rate. All tenants are currently on Month to Month leases. Proforma and Rent Roll available upon request. A vast sum of windows and floors have recently been replaced. The balance have not been completed due to occupancy. The remaining windows and LVP flooring is on hand in the garage storage and will convey with sale. There is an office that could remain as such or be converted into another efficiency unit.
Listed by Todd Baucom of Todd Baucom Realty Inc

Property Details of 6280 Ela Road

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