The Waller Group is proud to present the 100% occupied, 28- unit value-add property in Boonville, NC. The property is available because current ownership is looking to reinvest proceeds.
The subject property is very low maintenance with the units designed for low turnover costs. The property has a very stable resident base and a waitlist of 8 people. The roofs on 5 out of the 7 buildings were replaced in 2021 and the other 2 are in good condition.
Current ownership is achieving $95,875 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $171 / unit, which is a $0.27 / sqft bump. With this bump, new ownership can achieve an annual NOI of $158,051. Additionally, there is the opportunity to implement additional income fees through implementing a ratio utility billing system, lease violation 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.
Current management is willing to stay on post-closing. Proforma financials were underwritten with a 5% management fee.