97 Johnson DrCherokee, AL 35616

Property Details for 97 Johnson Dr

Year built

2000

Lot size

0.60 AC

Property size (Sq ft)

3,734 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add investment opportunity presents a five-unit apartment complex situated on approximately 0.6 to 0.8 acres in Cherokee, Alabama. Comprising two single-story buildings constructed between 2000 and 2001, the property boasts a total of 3,734 square feet of net rentable space, currently enjoying 100% occupancy. Each of the five units offers significant potential for rental income increases, given the current below-market rents compared to neighboring areas like Florence/Muscle Shoals. The property features a recently replaced roof and some newer HVAC systems, minimizing immediate capital expenditure needs. With a strong NOI of $19,949 and a compelling 9.07% cap rate, this property presents a solid return on investment. The asking price is $220,000, translating to $44,000 per unit and $58.92 per square foot. Located at 97 and 361 Johnson Dr, Cherokee, AL 35616, this complex is ideally positioned to serve commuters seeking more affordable housing options. This is an excellent opportunity for both novice and seasoned investors seeking a stable, high-return investment with significant upside potential. The property's current strong occupancy and the potential for rental increases make this a truly attractive proposition in a stable market.

Location Insight

City

Cherokee

County

Colbert

State

Alabama

Latitude

34.763

Longitude

-87.9618

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