DescriptionThe Eastwood Estates may be purchased with or separate from the Evergreen Gardens Apartments one lot away.The Eastwood Estates Apartments is a 21 unit complex consisting of twenty 1 bedroom, 1 bathroom, and one 2 bedroom 1 bathroom units. The complex has been successfully owned and managed by the seller since 2003. With mostly 2 story units, the private and low density layout of the Eastwood Estates Apartments makes for an excellent living experience for residents. The property is girt with wood cladding, upgraded with vinyl windows and sliders, newer roofs, with significant off street parking and usable open space, and mature landscaping on site. These features make for easy and cost effective maintenance for ownership. There are three buildings situated at forty five degree angles to the road with both one and two story configurations. All units are garden style walkups with second story landings shared by only two units, maximizing tenant privacy and building efficiency.The opportunity for a new investor stems from the fact that the property has been operated for stability by current ownership and has an average vacancy of 3% over the previous five years. The current tenant base is strong with good collections and rents that are under market at an average of $953. Eastwood Estates has little deferred maintenance, but also room to invest in upgrades to receive a significant return on investment. The interior unit configurations are attractive with an open layout that feels larger than their square footage. This is a major selling point for tenants beyond the quiet feeling at the complex.There is a phenomenal opportunity for an investor to operate the property with its current strong cash flows. A higher return can also be accomplished by repainting the building, tightening landscaping and the curb appeal of the property, and by upgrading the interiors of the units. Unit interior upgrades opportunities consist of fixtures, floor coverings, paint, and bathroom mirrors. The market rents for properties nearby are between $995 to $1095 per one bedroom and approximately $1,195 per 2 bedroom. These financial returns warrant the cost of the upgrades.HighlightsUnder Market RentsBread and Butter UnitsRoom to Add ValueStrong Collections and Operating HistoryExcellent Unit LayoutsPrivate Setting
