Investment Highlights
Attractive Assumable Debt With Favorable Terms: Investors have the opportunity to assume highly favorable debt terms with both Maison Imperial and Maison De Ville. Maison De Ville features an assumable loan with an interest rate of 4.08% and approximately 2.5 years remaining on the loan term. Similarly, Maison Imperial offers a loan with a 5.11% interest rate, including one year of interest-only payments and a remaining term of three years.
Proven Value-Add Renovation Opportunity: Maison De Ville recently experienced a fire in Building 16, resulting in 36 units being taken offline. The current ownership has since refurbished the building, fully renovating three units. Two of the three renovated units are leased and achieving rental rates of $950 & $964 per month, compared to $805 per month for the original units. This provides prospective ownership with a clear path to continue the renovation process, capitalize on higher rental rates, and drive an increase in Net Operating Income (NOI).
Over $3.1 Million In Recent Capital Improvements: Over the past two years, the current ownership has invested $2,564,212 in renovations and improvements across both Maison De Ville and Maison Imperial. Key upgrades include the installation of new boilers, pool deck repairs, replacement of balconies, new roofs, refurbishment of the fire-damaged building, and interior upgrades in select units such as new kitchen cabinets, countertops, sinks, and faucets. Additional enhancements include exterior repairs, breezeway upgrades, new exterior lighting, landscaping improvements, fresh paint, and sidewalk improvements.
Average Home Values Over $410,000 Within 1 Mile: The properties are surrounded by strong residential markets, with average home values within a one-mile radius $411,140. In the 36608 ZIP code, average home values have increased by 51% over the past five years, according to Redfin. Notably, homes in this area have sold for as much as $2.65 million in the past year.
Average Household Income Over $97,000 In Zip Code: The properties are located in an affluent neighborhood of Mobile. The zip code boasts an impressive average household income of $97,825.
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Address:3920 Berwyn Drive South | 217 Berwyn Drive West
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City, State:Mobile, Alabama
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County:Mobile
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Year Built:1963-73
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Units:403