For Sale
$1,300,000

1615 Cheshire DrMobile, AL 36605

11-unit rental portfolio, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents an 11-unit single-family rental portfolio located in Mobile, Alabama. The portfolio comprises ten buildings, totaling 13,000 square feet, and boasts 100% occupancy. Each of the eleven units underwent renovations in 2020, ensuring a high-quality rental product. The property currently generates a strong net operating income (NOI) of $107,421, representing an 8.26% capitalization rate. A pro-forma analysis projects an even more impressive NOI of $119,616, translating to a 9.20% capitalization rate, indicating significant upside potential. The portfolio is classified as Class C and offers below-market rents, presenting a compelling opportunity for value appreciation. Individual unit addresses are spread across Mobile County, including 1615 Cheshire Dr W, 605 Crenshaw St, 802 Gorgas St, 958 Gorgas St, 970 Gorgas St, 1208 Congress St, 1555 Cedar Crescent Dr, 2305 Massengale Dr, 6462 Tanner St, and 9551 McLeod Rd, with zip codes ranging from 36603 to 36695. The asking price for this stabilized investment is $1,300,000, or approximately $118,182 per unit, and $100 per square foot. This portfolio represents a rare opportunity to acquire a well-maintained, high-performing rental property in a growing market.

Highlights

  • 8.27% Cap Rate.
  • Debt quotes at 6.8% interest, 30-year amortization.
  • 1.51 Debt Service Coverage Ratio (DSCR).
  • 9.29% Cash-on-Cash Return.

Property Details for 1615 Cheshire Dr

Property type
Residential income homes
Square Feet
13,000 SF
Class
C
Year Renovated
2020
Buildings
10
Units
11

Location Insight

City
Mobile
County
Mobile
State
Alabama
Latitude
30.6372003
Longitude
-88.1171239
1615 Cheshire Dr, Mobile, Alabama

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1615 Cheshire Dr
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