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The Gallery Apartments
2780 Raleigh Lagrange Rd., Memphis TN 38128
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Property Description
Summary
- Asking Price $2,425,000
- Price per Unit $75,781
- Number of Units 32
- Year Built 1974
- Number of Buildings 5
- Number of Stories 2
- Land Area 1.60 ac
- Roof Newer, pitched asphalt shingle
The Gallery Apartments has large spacious townhome units and has undergone renovations in the past five years! The townhome floor plans are a huge competitive advantage for leasing.
Renovations include: new roof, 60% new patio fencing, new appliances & Formica countertops as needed in most units. All HVAC units that sit outside are less than 7 years old.
25 units have been renovated and are in good condition. 7 units have not been renovated but are in rentable condition.
Exterior lighting, signage, fencing, landscaping, gutters, and exterior painting have also been upgraded recently.
The property has been in transition over the last year as the seller has focused on removing slow- or no-pay residents and renovating those apartments to attract better residents and higher rents. This process has been reflected in the income and expenses.
The existing lender, who is confident in its ability to cash flow over time, would like to make a new loan on the property for the right investor.
Proforma Year 1
Gross Scheduled Income: $403,200
Net Operating Income: $221,246
Cap Rate: 8.43%
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Woodyard Realty Corp.
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
5865 Ridgeway Center Pkwy Ste 300, Memphis, TN 38120
Phone 901-767-1998
TN Company License #256220
MS Company License #C-21186
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