Ryland Ridge

Investment Highlights

PROVEN VALUE ADD POTENTIAL
  • A mixture of strong demand and under market rents, Ryland Ridge maintains 100% occupancy with a wait list. A new owner can increase rents $100+ over in-place rents with a light value add program (modern paint scheme & updated counters)
  • Below-market rents allow for organic rent increases if a new investor elects not to renovate. Turned units can rent for $800-$825/month without renovation
  • Completing the current utility reimbursement program will result in a $6,840 increase to NOI, assuming 95% occupancy. The current owner has implemented $25 monthly utility reimbursement charges on two units. A new owner has the opportunity to implement these $25 monthly charges on the remaining 24 units
  • New owner has the option to convert ground-level space into a 27th The unit is located in the basement of unit 113 and currently has plumbing & drywall installed. Estimated cost to convert the space is ~$30,000 and would result in additional revenue of $9,600 annually, assuming rent of $800/month.
LOCATED IN BOOMING HUNTSVILLE
  • Huntsville has the most compelling job story in Alabama, adding over 9,000 jobs in 2018
  • Recent announcements by Toyota-Mazda (4,000 jobs), Facebook ($750M investment), and Polaris (1,700 jobs) continue unprecedented momentum for Huntsville’s economy
  • Ryland Ridge is in close proximity to new retail developments including Publix, Walmart, and Starbucks
APPEALING AND EFFICIENT DESIGN
  • Units at Ryland Ridge were built between 2001-2015, and can be purchased well below replacement cost
  • The single-family design at Ryland Ridge is appealing to renters and offers unique amenities including private driveways, front & back yards, stained concrete floors, etc.
  • Current ownership has reinvested significant capital into the asset, and positioned a new investor to take over a well-maintained asset with no significant deferred maintenance
DELIVERED FREE & CLEAR

The property will be delivered free & clear of any existing debt. The property sizes well for Freddie & Fannie small balance programs along with traditional bank financing

Location

Investment Summary

  • Status: Under Contract
  • Huntsville, AL
  • Total Units: 26
  • Years Built: 2001-2015
  • Total SF: 21,346
  • Occupancy: 100%
  • Avg Unit Size (SF): 821 SF
  • Avg Rent / SF: $0.97
  • Avg Rent / Unit: $800

Contact

Additional Info

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