Waller Group is proud to present the 90.5% occupied, 42-unit Apple Village Apartments in Jackson, OH. The property is available because current ownership is retiring. Current ownership has replaced all roofs, except 1. Upgrades were made to the 2 BD units, including updated flooring, bathroom updates, appliances, painting, light fixtures, faucets, and plumbing. One 2 BD had kitchen cabinets replaced. Upgrades were made to the 1 BD units, including updated flooring, bathroom, appliances, painting, light fixtures, faucets, and plumbing.
Current ownership is achieving $189,902 in annual NOI. New ownership, based upon area rent comps, can raise rents by $197 / unit, which is a $0.22 / sqft bump. With this bump, new ownership can achieve an annual NOI of $304,374. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, late fees, month to month fees, parking fees, and pet fees. Another cost saving opportunity would be through water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
The portfolio is currently self-managed, and current ownership completes all repairs & maintenance required on the property. Proforma financials were underwritten with a 5.0% management fee and $500 / unit for repairs & maintenance to account for cost to new ownership.