The Waller Group is proud to present the 100.0% occupied, 31- unit stabilized property in Chatham, VA. Current ownership redeveloped the property in 2013, using both federal and state historic rehabilitation tax credits, with redevelopment costs approximating $2,600,000. The property is available because current ownership is looking to return capital to investors.
Current ownership is achieving $273,187 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $183 / unit, which is a $0.25 / sqft bump. With this bump, new ownership can achieve an annual NOI of $316,006. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system (to recover water/trash fees), and parking fees. Another cost saving opportunity would be utilizing water conservation opportunities such as updates on faucets, showers, and low flow toilets, which can save up to 20% on water bills.
The property is self-managed by local employees that also deal with the maintenance work on an as-needed basis. Current management can be extended to new ownership.