These newly renovated mid-term rentals are located within a mile from Tuskegee University. The property receives above market rents due to the proximity to university. Currently being used for student housing. Being rented by the bed, not by the door. Value add opportunity.
This property has historically remained 95% occupied. With on site property management, and security. Premium interior/exterior finishes make this a highly sought after property, especially among students. This is a rare opportunity to acquire an asset with a CAP rate just below 8%. In today’s rate environment this is above where many other multifamily deals are trading. At full occupancy this property has the potential to bring $450,000 in annual rental revenue.