Concord Place is a 50-unit property that is positioned for immediate rent growth with below-market rents and strong local demographics, allowing new ownership to implement a value-add strategy and push rents through targeted renovations.
• Built in 1966, Renovated in 2017-2018 (new roofs in 2022)
• 5 Buildings, 50 total units across 2.09 acres
• Mix of 1- and 2- bedroom units (60% two-bedrooms)
• Avg. in-place rent: $960/ unit (below market rents of $1,094 for 1BR and $1,355 for 2BR)
• 96% occupancy with strong in-place cash flow
• Recent capex expenditures over 500,000, including new roofs, interior upgrades, and exterior improvements
• Value-add potential through interior updates and adding washers/ dryers in units (currently only 2 units equipped)
• Prime location near Lindbergh Blvd, Tesson Ferry Rd, and I-270 with nearby developments like Tesson Ridge and new retail (including Chick-fil-a)
• Asking price is $6,500,000 ($130,000 per unit)
