5101 S Kingshighway Boulevard

Well-maintained apartment complex located in the South Hampton neighborhood, across the street from Christy Park and a half mile from a $72M apartment development that has broken ground. Built in 1928, this building has beautiful architectural detail along with terrazzo floors. There is a value-add component to the property with many rents below market. Owner has raised rents of some original units to $885 a month. 6 units have been updated with 3 in process, updated units rent from $895 to $960. 1 bedroom apartments nearby are renting for as much as $995. Several units can be raised as-is with a lease renewal or new tenant. If all rents were raised to market rents it would generate a substantial additional income annually. Building has updated electric. Electric heating units in renovated apartments were added in order to reduce use of the boiler and reduce gas costs. Seller currently provides heat through a boiler system. There are 3 commercial spaces rented on the first floor.