Property Listing No Longer Available for Sale

401 wade st, Montgomery, AL

Multi-family for Sale - $1,200,000 - 50,000 Sq. Ft. on 7.58 acres

Property Info

  401 wade st
  Montgomery AL 36104
UpdatedDecember 6th, 2007
Building50,000 Sq. Ft.
Land7.58 acres

Property Description

Currently property is 100% vacant and boarded up. Needs to be fully rehabbed and gutted to a tune of about $8-10k per unit. Totally salvageable one story duplex style solid concrete block structures. Area is historical civil rights & predominantly black. Good low income housing is in short supply. Property zip code qualifies it for HUD and federal grants and incentives. Owner selling property in "as is" condition and taking all offers. Some owner financing is available. Property being sold for less than land value. Won't last.

for more info:


Projected Proforma:

4 blocks, 8 Acres, 25 Bldgs

109 units@ $450/mo avg rent=$49,000

expense ratio= 40%

annual repair deduction=$ 50,000

10% vacancy

After repair NOI/yr= $300,000