Below replacement cost.

Newer construction. The project was built in 1987.

The condition of the property is very good.

The trade area does not have many entry level apartments, with little supply coming online.

The property has been managed well. There is no noticeable work that needs to be done after the purchase.

There is a laundry room and garages for tenants.

This investment features an excellent unit mix consisting of 6-two bedroom/ one bathroom units and 1-three bedroom/ one bathroom unit. Many of the tenants have occupied their unit for over a year and there is little turnover at this complex. There are seven car garages within the complex. The building is submetered for gas and electricity. There are two washing units and two dryers that come with the complex. Some of the units having tile and bathroom remodeling work completed.

The rent levels are approximately 5-7% under market, while the project is at 100% occupancy.

7% Cap rate.

NOI: $44,887