Auburn Pines is a 39 Unit Apartment complex located in the heart of this growing community. On a quiet residential street, this property has covered parking, large units, onsite management office, and easy access to the main transportation highways and the Auburn Transit Center. The building is comprised of thirty-five 2 bedroom and 1 bath units at approximately 855 square feet and four 1 bedroom and 1 bath units at approximately 600 square feet. Dupre and Scott reports vacancy has significantly dropped in Auburn and is currently at a 3 year low. Vacancy rates are expected to continue to drop and rental market analysts expect continued rent growth in the annual 3% range. Auburn Pines offers multi-family investors a well located property with excellent current cash flow and the potential to increase rents.
Financing:
It is recommended that the Buyer obtain new financing or assume current loan fixed at 5.875% through November 2010.
