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The recently renovated and refreshed and Pines apartments are back on the market.Offered by original developer's family, the Pines apartments are located on a street infused with tall pine trees and mature landscaping.Built in 1986-7 and refreshed in the last few months, at the ask price of $2,125,000 and with an average rent of $459, the property measure of investment performance include a GRM of 67.42, a before reserves CAP rate of 8.31%, 14.02% cash on cash, and an after Tax IRR of 14.5%.If rents were bumped to market of $539, the CAP Rate improves to 10.41% and the cash on cash to 18.23%.
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Listing information last updated on March 26th, 2019 at 12:13am MDT.