Under Contract | Mobile, AL | 40 Units

INVESTMENT SUMMARY

Year Built:
1959
Total SF:
28,000 SF
Total Units:
40
Occupancy:
98%

Contact

Micah Dodd | mdodd@rockadvisors.com | 205.458.8021
Donald Gambril | dgambril@rockadvisors.com | 205.458.8110
Bo Farlow | bfarlow@rockadvisors.com | 205.458.8120
1972 Wagner Street, Mobile, , AL, 36617
To access the password-protected files below, you must submit a confidentiality agreement.
  • Townhouse Square_OM
  • Townhouse Square 2015 P&L
  • Townhouse Square 2016 P&L
  • Townhouse Square 2017 P&L
  • Townhouse Square 2017 Tax
  • Townhouse Square 2018 Tax Notice
  • Townhouse Square Current Rent Schedule
  • Townhouse Square HAP Contract
  • Townhouse Square Rent Roll

INVESTMENT HIGHLIGHTS

100% HAP CONTRACT

Townhouse Square currently has a HAP contract on 100% of its units, greatly reducing the collection risk for potential investors. The HAP contract was renewed for 20 years in August 2014, leaving plenty of time remaining on the contract for the next investor. In 2017, HAP assistance made up 82% of the total gross rent.

STRONG HISTORICAL OCCUPANCY

Townhouse Square has displayed strong historical occupancy over the past 3 years. The property currently sits at 95% and has averaged 98% over the past 3 years. The strong occupancy combined with the HAP contracts should provide an investor with steady, predictable income for years to come.

GROWING MOBILE ECONOMY

The Mobile economy is experiencing tremendous growth and has put itself in a position to be the Gulf Coast’s leading economy and job creator. Mobile has seen excellent growth from the aerospace and shipping industries with employers such as Austal (recently awarded $500M contract), Airbus ($600M plant), and Bombardier making significant capital investments. Other major corporations investing in Mobile include Amazon (362k SF sorting facility), Kimberly Clark ($100M investment), and Lensing ($293M investment). The growing Mobile economy should provide property owners with a steady influx of well-qualified tenants, and a growing Area Median Income to increase the rent basis at the property.

FREE AND CLEAR

Townhouse Square is offered free and clear of any existing debt, allowing investors to use a variety of debt instruments in order to maximize returns.