Proven Value Add Potential
- A mixture of strong demand and under market rents, Ryland Ridge maintains 100% occupancy with a wait list. A new owner can increase rents $100+ over in-place rents with a light value add program (modern paint scheme & updated counters)
- Below-market rents allow for organic rent increases if a new investor elects not to renovate. Turned units can rent for $800-$825/month without renovation
- Completing the current utility reimbursement program will result in a $6,840 increase to NOI, assuming 95% occupancy. The current owner has implemented $25 monthly utility reimbursement charges on two units. A new owner has the opportunity to implement these $25 monthly charges on the remaining 24 units
- New owner has the option to convert ground-level space into a 27th The unit is located in the basement of unit 113 and currently has plumbing & drywall installed. Estimated cost to convert the space is ~$30,000 and would result in additional revenue of $9,600 annually, assuming rent of $800/month.
Located in Booming Huntsville
- Huntsville has the most compelling job story in Alabama, adding over 9,000 jobs in 2018
- Recent announcements by Toyota-Mazda (4,000 jobs), Facebook ($750M investment), and Polaris (1,700 jobs) continue unprecedented momentum for Huntsville’s economy
- Ryland Ridge is in close proximity to new retail developments including Publix, Walmart, and Starbucks
Appealing and Efficient Design
- Units at Ryland Ridge were built between 2001-2015, and can be purchased well below replacement cost
- The single-family design at Ryland Ridge is appealing to renters and offers unique amenities including private driveways, front & back yards, stained concrete floors, etc.
- Current ownership has reinvested significant capital into the asset, and positioned a new investor to take over a well-maintained asset with no significant deferred maintenance
Delivered Free & Clear
- The property will be delivered free & clear of any existing debt. The property sizes well for Freddie & Fannie small balance programs along with traditional bank financing