Catylist ID: #30051738
Vista Ridge Apartments: 7.88% Cap Rate
Multi-Family for Sale
|Catylist Listing ID:||30051738|
|Number of Units:||42 Units|
|Building Size (RSF):||35,000 SF|
|Gross Land Area:||10 Acres|
|Unit Price:||$42,857.14 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Vista Ridge Community Apartments|
|Usable Size (USF):||35,000 SF|
|Sale Terms:||Undisclosed, Cash to Seller|
|Average Occupancy Rate:||95|
Overview / Comments
THERE WILL BE A CALL FOR OFFERS FOR THIS PROPERTY ON MONDAY, OCTOBER 1ST, 2018!
Vista Ridge Community Apartment complex is a 42 unit complex located in the East Ridge submarket and is nestled up to the side of Missionary Ridge, just off of Seminole Drive. There are 5 buildings on the property. There are 3 buildings which contain 39 2-bedroom, 1-bath units and 1 1-bedroom, 1-bath unit. There is also an A-frame house with 1-bedroom and 1-bath and the second home is a large 3-bedroom, 3-bath home. This is located at the top of the property and is counted as 2 apartments.
Vista Ridge has had a very high occupancy rate which typically is about 95%. Currently they are 100% full! About half of the units had rent increases as of September 1, 2018. This will add about $3,360/year or over $42,000 in value. Typical rents range from $575-$600 per month.
The Seller put new roofs on the 3 buildings which contain the 39 units in 2014 & 2015. They have also installed a water sub-metering system on the hot water units. The sub-metering generates about $26,000 per year in income and covers about two thirds of the municipal water bill.
At List Price the Cap Rate is 7.88% calculated from the 7 months of 2018. The 2018 gross income is up 6.20% over 2016. The 2018 operating costs are down 8.11% form 2016. Overall, Net Operating Income (NOI) Profit is up $31,196 over 2016 or is up 28.2%. There has been significant improvement in the management and control of this property in the last 12 to 18 months.
Square footage is estimated.
Reports Available upon Request with Serious Interests:
Vista Ridge tax Card
Current Rent Roll
REIS Chattanooga Multifamily 2nd Quarter Report (44 Pages)
Costar Sales Comps Report
Attachments & Media
|Taxing Authority:||Hamilton County|
|Tax ID/APN:||168C E 018|
|Property Located Between:||Just off South Seminole Drive|
|Highway Access:||Quick access to I-24 via Ringgold Road.|
|Site Description:||The 10 acre site is just off South Seminole Drive along the side of MIssionary Ridge south of the East Ridge Tunnels. There are 3 1-story apartment buildings with two residential homes.|
|Area Description:||The apartments are located in the City of East Ridge which is small city surrounded by Chattanooga.|
|Total Number of Buildings:||5|
|Number of Stories:||1|
|Parking Description:||The parking is directly in front of the apartments and buildings.|
|Laundry:||In Each Unit|
|Air Conditioning:||Package Unit|
|Interior Description:||39 units are 2 bedroom and 1 bath 1 units is a 1 bedroom and 1 bath 1 house with 3 bedrooms and 3 baths|
|Zoning Description:||R3- Multifamily|
|Legal Description:||Nw Sec 1 Twp 3 R-4 Bimini Apts 39|
|Proximity:||1 mile||3 miles||5 miles|
Robert FisherKW Commercial Greater Chattanooga REALTORS® Member
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