15 Mimosa Dr Montgomery, AL 36109

Property Details for 15 Mimosa Dr

Property size

31,770 SF

Property type

Residential income homes

Description

This exceptional 23-unit single-family rental portfolio presents a compelling value-add opportunity in Montgomery, Alabama. Located at 15 Mimosa Dr, Montgomery, AL 36109, this portfolio boasts a total of 31,770 square feet, currently achieving 95% occupancy. The properties, built in various years and renovated in 2024, offer a current NOI of $293,277 and a pro-forma NOI of $306,850, translating to a 10.66% cap rate and a pro-forma cap rate of 11.16%. The asking price is $2,750,000, or $119,565 per unit, and $86.56 per square foot. Tenants are primarily on Section 8 vouchers with annual leases. The portfolio benefits from a hands-on local management approach, and further renovations could significantly increase rental income. Montgomery's robust economy, driven by factors such as Hyundai manufacturing, Maxwell-Gunter Air Force Base, Amazon distribution centers, and the state capitol, creates a strong demand for rental housing. The city's strategic location in the Sun Belt, coupled with its business-friendly climate and low taxes, makes this an attractive investment for both local and national investors seeking exposure to a dynamic market with significant upside potential. The portfolio's tenants are responsible for lawn service and pest control, minimizing management overhead. This presents a unique opportunity to capitalize on the strong single-family rental market in Montgomery, Alabama, and leverage economies of scale for future growth.

Location Insight

City

Montgomery

County

Montgomery

State

Alabama

Longitude

-86.266042945835

Latitude

32.382053804087