Investment Overview

Built in 1970 and gut rehabbed in 2012, the property consists of (50) apartment units comprised of one, two, three, and four-bedroom floor plans to easily accommodate a wide range of workforce renters. The spacious interiors average 955 sqft and offer desirable amenities including central heating and air, unit W/D hookups, newly installed hard surface flooring, newly installed appliances, private parking, among others to make this quiet neighborhood property one of the premier rental products in the local market. Charleston Ridge is a turnkey property with a couple of value-add opportunities: investors can increase rents $25-50 per month with no further improvements or capital projects & implement a RUBS program to recover unit water usage cost from the tenants. Due to the lack of workforce housing in the area and extremely limited competition for apartments, this already strong cash-flowing asset can be made even more profitable by increasing the below-market rents in select units and implementing the RUBS billback at resident renewal. 05