Waller Group is proud to present the 24-unit Maple Hall Apartments in Rutherfordton, NC.
New ownership has the opportunity to implement interior renovation program with black or stainless-steel appliances, laminate counter tops, and upgrading the parking lot. Current rent comparables achieving top of the market rent in the sub-market contain black appliances, and HVACs, but lack stainless-steel appliances, or W/D connections. An additional income opportunity would be adding in unit stackable or full size W/D units and charging $50 month. Current ownership is achieving $121,299 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $163 unit, which is a $0.20 sqft rent bump. With this bump, new ownership can achieve an annual NOI of $181,209.
The property is currently managed by the ownership’s property management group. Proforma financials were underwritten with a 7.0% management fee.