McLemore Fourplex

The asset at 655 E McLemore is a four-unit value-add property. The property is currently running at a 25% occupancy, with all of the units in need of full renovations. Each unit is two bedrooms with one full bathroom. The current tenant is paying $375 a month. The market rent for this unit type is approximately $700-$800 a month. Renovations are recommended to generate the market rent which is attainable due to the location of the property. Along with market rent, purchasing this property at $30,000/door is well below the market average for multi-family complexes. Over the last year, multi-family property has traded around $64,000/door. Currently, in Q4 of 2023, property is trading at an average of $41,904/door. This property is being sold well below both averages minimizing the risk for an investor to purchase this value-add asset.