The Waller Group is proud to present the recently renovated, 98.40% occupied, 62-unit stabilized property in Austin, TX. The property is available because current ownership is looking to reinvest proceeds. The subject property has recently undergone a complete renovation of each of its units down to the studs. Current ownership spent $8,660,360 on repairs, replacements, and capital improvements. The units are fitted with granite countertops, new plank flooring, stainless steel appliances, washer-dryers, and walk-in closets.
Current ownership is achieving $743,420 in annual NOI. New ownership, based upon area rent comps, can raise rents by $329 / unit, which is a $0.34 / sqft bump. With this bump, new ownership can achieve an annual NOI of $887,766. Additionally, there is the opportunity to implement additional income fees through implementing parking fees and increasing the pet fee. Current management is being compensated at 2.5% of EGI. Proforma financials were underwritten with a 5.0% management fee.