2401 Vine Street
$725,000
—
6,125
6,125
$118
Description
Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal...Seeking to connect a qualified investor to leverage favorable seller financing terms to facilitate a smoother purchase process on this 1980's sixteen one bedroom unit apartment building in an opportunity zone. Asset makes for an exceptional 1031 Exchange up-leg. The experienced investor will be well-positioned to capitalize on potential appreciation. The current owner has held the property since 2010 and according to seller he has invested in significant capital improvements, including a new metal roof and gutters, updated vinyl double pane windows (two windows have not been replaced), resurfaced and restriped the parking lot, and upgraded the main water line from two inches to one inch, resulting in a substantial reduction in water costs. According to Addison Properties fifty percent of the units have newer cabinets and flooring. According to current rent roll average rents of $440 are seventy three percent below the $600 market rate (according to recent sold investment sales comps in Henry County and other rent comp studies), providing an experienced investor with an opportunity to capitalize on this value-add potential and achieve greater returns into the future. According to property manager no major capital improvements are needed to achieve these results, as the significant upgrades have already been completed and the interior of the units is in market-ready condition. If you prefer traditional lending terms over seller financing, we can connect you with our extensive network of credit union banking partners for potentially more favorable terms and a lower down payment. Additionally, if you're out of state and need a property manager, we can provide reliable connections for that as well.
- Listed by Hector Orton • Fair Market Value Investment Sales • davidorton@fmvrei.com
Property Details for 2401 Vine Street
Architectural Style
Ranch
TownshipHenry
ZoningMulitfamily
LISTING UPDATED: 09/26/2024 07:04 PM
Property Details for 2401 Vine Street
Status | Active |
---|---|
MLS # | 22003740 |
Days on Market | 40 |
Taxes | $882 semi-annually |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Commercial Sale / Multi-Family 5+ |
Year Built | 1980 |
Lot Size | 0.53 AC / 23,086 SF |
County | Henry County |
Building Information for 2401 Vine Street
Stories-Residences16Year Built1980Building Size-Lot Size0.53 AC / 23,086 SF
Property Information for 2401 Vine Street
Property History for 2401 Vine Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 2401 Vine Street
Taxable ValueLand$12,200Additions$76,000Total$88,200
Tax Record2023$1,764 ($147 / month)
Home Facts
Total Finished SqFt6,125 SqFtAbove Grade Finished SqFt6,125 SqFtStories1Lot Size23,261 SqFtStyleMulti-Family Res (5+ Units)Year Built1980CountyHENRYAPN33-12-11-430-223.000-016
Schools near 2401 Vine Street
This home is within New Castle Community Sch Corp.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | PK to 6 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | PK to 6 |
Rating | School | Distance |
---|---|---|
Eastwood Elementary School PublicPK to 6 | ||
New Castle Middle School Public6 to 8 | ||
New Castle High School Public9 to 12 | ||
Wilbur Wright Elementary School PublicPK to 6 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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