97 Johnson Dr Cherokee, AL 35616
- Commercial real estate
- 3,734 SF
- 0.60 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 97 Johnson Dr
- Year built
- 2000
- Lot size
- 0.60 lot acres
- Property size
- 3,734 SF
- Property type
- Commercial real estate
Description
This exceptional value-add investment opportunity presents a five-unit apartment complex situated on approximately 0.6 to 0.8 acres in Cherokee, Alabama. Comprising two single-story buildings constructed between 2000 and 2001, the property boasts a total of 3,734 square feet of net rentable space, currently enjoying 100% occupancy. Each of the five units offers significant potential for rental income increases, given the current below-market rents compared to neighboring areas like Florence/Muscle Shoals. The property features a recently replaced roof and some newer HVAC systems, minimizing immediate capital expenditure needs. With a strong NOI of $19,949 and a compelling 9.07% cap rate, this property presents a solid return on investment. The asking price is $220,000, translating to $44,000 per unit and $58.92 per square foot. Located at 97 and 361 Johnson Dr, Cherokee, AL 35616, this complex is ideally positioned to serve commuters seeking more affordable housing options. This is an excellent opportunity for both novice and seasoned investors seeking a stable, high-return investment with significant upside potential. The property's current strong occupancy and the potential for rental increases make this a truly attractive proposition in a stable market.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cherokee
- County
- Colbert
- State
- Alabama
- Longitude
- -87.961755673197
- Latitude
- 34.763023446287
