Great Investment Opportunity! This 7 unit apartment complex was the old ''Rutledge Inn'' in previous years. Located on Rutledge Pike/Highway 11W this building is in the heart of Rutledge and convenient to everything. $2700 per month gross rental income. Building has an additional 2858 sq ft in the basement that could be converted into additional units or office space. Mix of 1 and 2 bedroom units. Apartments have public water and public sewer. Tenants pay for their own water and electric. Approximately $27,000 net income per year. Numerous updates in 2019.1 bed/1 bath $375/month1 bed/1 bath $400/month1 bed/1 bath $375/month2 bed 2 bath $475/month2 bed/ 2 bath $500/month2 bed/ 1 bath $475/month2 bed/ 1 bath $500/month TOTAL: $3100 / month $37,200 per year EXPENSES: Insurance $2900/yearTaxes $1882/yearWater $180/yearElectric $1800/yearLawn Care $650/yearPest Control $300/yearMaintenance $2400/year TOTAL $10,112/YEAR NET INCOME: $27,088 Cap Rate of 13.5% Some units do have pets and they are charged an additional amount, normally $25 extra per month for every 2 pets. The electric bill covers the expense of electric in basement and security lights inside and outside the building. Owners will have electric cut on in individual units when improving.
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Information herein deemed reliable but not guaranteed June 2nd, 2020 at 11:00pm