2300 4Th AvePhenix City, AL 36867

Property Details for 2300 4Th Ave

Year built

1950

Property size (Sq ft)

60,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 52-unit apartment building, located at 2300 4th Ave, Phenix City, AL 36867, presents a compelling value-add investment opportunity. The property, built in 1950 and extensively renovated in 2022, boasts 60,000 square feet and is currently operating at 51% occupancy. The asking price is $2,750,000, translating to $45.83 per square foot and $52,884.62 per unit. A pro-forma NOI of $276,011 projects a 10.04% cap rate. Significant renovations have already been completed on 31 units, including new HVAC systems, roof replacement, kitchen and bathroom remodels, and upgrades to paint, plumbing, electrical, flooring, and landscaping. However, approximately 22 units remain to be renovated, offering a substantial opportunity for value creation through increased occupancy and rental income. The property benefits from its strategic location in Phenix City, close to the Chattahoochee River and the larger Columbus, GA MSA, providing access to major employment centers and retail amenities. With a population of over 132,000 residents within a 5-mile radius, this property offers significant potential for growth and strong rental demand. This is an ideal opportunity for an investor to capitalize on the existing renovations, complete the remaining upgrades, and maximize the property's operational efficiency to achieve its full potential.

Location Insight

City

Phenix City

County

Russell

State

Alabama

Latitude

32.4838

Longitude

-84.9987

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