National Road is an 84-unit complex developed in 1963 and includes a simple mix of 79 one-bedroom apartments and 5 two-bedroom apartments. There is an on-site office, which can be converted back into a two- bedroom unit, making the count 78 and 6. National Road offers affordable living with a home-style feel. The floorplans are all identical, and with tenants paying all utilities, are hassle-free and easy to maintain.
National is poised for new ownership with a value-add mentality. There are 28 units (14 on each ground floor) that are down to the studs. Estimated rehab cost is $15,000 per unit. The remaining 56 units are all occupied and could use some rehab. Currently, the average rental rate is $465 per month. Upon completion of rehab, National will rent for about $625-675 per month for one bedroom units and $675-750 for two-bedroom units. Note that current in-place gross income is approximately $315,000.
National Road is outfitted with tenant-paid gas forced air furnaces, electric through the wall A/C units, and individual, gas hot water tanks for each unit. All units have their own water meter. There are 4 water main bills; Landlord pays this, and tenants pay their own metered share to Landlord. There are two common area laundry facilities on site (one in each building).