UPDATED:
09/18/2024 03:31 AM
Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Square Footage 6,624 sqft
Price per Sqft $150
Subdivision Fondren
MLS Listing ID 4075916
Style Traditional
Bedrooms 12
Full Baths 12
Originating Board MLS United
Year Built 1981
Annual Tax Amount $7,364
Lot Size 1.000 Acres
Acres 1.0
Property Description
The property is currently at 100% occupancy. This property has maintained high occupancy since ownership. Rents range from $800-$950/month per unit. Owner pays utilities for some units. Tenants with leases that have utilities included are charged a utility reimbursement fee of $150/month in addition to the monthly rent. There are no gas utility expenses with the property. Owner pays for water/sewer on all units. A dumpster is provided for waste disposal for residents. All units are independently metered.
Originally built in 1982, the buildings were completely renovated in 2022-2023. All plumbing, electrical, and HVAC was replaced. All three building's roofs were replaced in 2022 with GAF architectural shingles. All units have been updated with butcher block counter tops, stainless steel appliances, new exterior/interior doors, new windows, new molding, deep stainless steel kitchen sinks, commercial grade vinyl flooring, new electric hot water heaters, new insulation, , new paint, new fixtures, new ceiling fans, new mini split AC/heating units, etc. 220 electric outlets and washer/dryer hookups were also added in each unit. Units have all electric appliances. average roughly 600 square feet per unit. The listing photos of the interior are representative of all units.
Fencing was added around the entire property. 8 of the 12 units are completely fenced with 2 access gates for entry. 4 units are partially fenced. Extensive outdoor lighting around the property was also added. An in ground steel charcoal grill and picnic area was also installed in the courtyard as a common area/lounge space for all tenants to use. At full occupancy the property generates a gross income of $129,600 annually. This turnkey property represents more than just a real estate investment; it embodies a strategic opportunity to capitalize on the burgeoning Fondren neighborhood's growth trajectory. Whether you're seeking a lucrative cash flow investment or a promising buy-and-hold opportunity, this property warrants serious consideration. PLEASE DO NOT DISTURB TENANTS! Call the listing agent for more info or to schedule a showing.
Location
State MS
County Hinds
Interior
Interior Features See Remarks
Heating See Remarks
Cooling See Remarks
Flooring Luxury Vinyl
Furnishings No
Exterior
Exterior Feature Built-in Barbecue, Courtyard, Landscaping Lights, Outdoor Grill, Uncovered Courtyard
Utilities Available See Remarks
Waterfront No
Waterfront Description None
Roof Type Architectural Shingles
Building
Lot Description Corner Lot, Fenced, Few Trees, Rectangular Lot, Dumpster
Foundation Slab
Sewer See Remarks
Water Public, Separate Meters
Architectural Style Traditional
Level or Stories One
Structure Type Built-in Barbecue,Courtyard,Landscaping Lights,Outdoor Grill,Uncovered Courtyard
New Construction No
Schools
Elementary Schools Bailey Station
Middle Schools Brinkley
High Schools Murrah
Others
Tax ID 56-44
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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