Strategically located at the intersection of Interstate 65 and Interstate 85, Montgomery is the capital city of Alabama and the second largest city in the state. The metropolitan area, comprised of Autauga, Elmore, Lowndes and Montgomery counties, has a population of 374,000. A region of vast economic diversity, Montgomery is home to state and regional governments, a major military installation, the USAF Air University, an extensive service industry, wholesale and retail trade, tourism, and an industrial base. This unique diversity provides a well-balanced economic environment. Montgomery is a region of vast economic diversity. As the capital of Alabama, it is home to state and regional governments as well as Maxwell Air Force Base, a major military installation and site of the prestigious Air University. An extensive service industry, wholesale and retail trade, and a thriving industrial base contribute to the city’s vibrant and well-balanced economic environment.
MHRE Inc. is pleased to present Evergreen Estates located in Montgomery, Alabama. Built in 1972, the investment opportunity consists of 627 MHC sites, which includes 155 leased homes, 45 vacant inventory homes and 3 employee homes. In addition, there is also 45 acres of vacant land (M-1 Zoning) with over 2,700 feet of highway frontage along with a 14,000 sq. ft. warehouse that is currently leased.
There are several shopping, dining and entertainment opportunities in Montgomery including the Shoppes at Eastchase and Eastdale Mall, Montgomery Zoo, Civil Rights and Memorial Center, and Riverwalk Stadium- home of the minor league baseball team, the Montgomery Biscuits. Auburn University at Montgomery and Faulkner University are 2 nearby educational opportunities. Outdoor recreation includes Dannelly Park and Peter Crump Park.
4590 Troy Hwy
Montgomery, Alabama 36116
For detailed information on this property please contact: Christopher Nortley (586) 884-8416.
|Land (Acres) +||169|
|WATER METER TYPE||Sub-metered|
|SEWER METER TYPE||Sub-metered|
|Community Owned Homes & Notes||$4,800,000 + $450,000 vacant land|
|Price per Site||$24,322|
|Price Occupied per Site||$32,038|
|Operating Expense Ratio (At Close With Reserves)||46.94%|
|NOI (At Close With Reserves)||$1,245,446|
|Cap Rate - Year 1 (With Reserves)||8.17%|
|Operating Expense Ratio - Year 1 (With Reserves)||44.83%|
|NOI - Year 1 (With Reserves)||$1,064,341|
HOME INVENTORY SUMMARY
|LEASED OPTION HOMES||0|