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) • 100% 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)
Listing courtesy of CBRE.
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