Upcoming Auction 20 Unit Apartment Building Auction | Carpenter Place Apartments

Well maintained, 20-unit apartment building in Indian Hills with Studio, 1-bedroom and 2-bedroom units. Conveniently located near shopping and dining. Currently owned by a non-profit organization, The Carpenter Place Apartments are mainly rented to older, low-income tenants on a month-to-month basis. The apartment building features a wheelchair elevator, 24 off-street parking spaces, on-site storage, and a laundry facility. Tenants have been notified of Owner’s decision to put the property up for auction. Any vacant apartments will not be leased out in preparation for the transition to a new owner. This is a great investment opportunity. Current rents are very low but should be able to be increased. Currently the owner pays for all utilities, but the electric service can be assigned back to tenants. The current rent averages $380.36 per unit with all utilities paid, while comparable properties average $611 per unit with tenants paying electric. Average comparable rents for similar complexes: $500 studio, $625 1-bdrm, $700 2-bdrm. Staring bid is $300,000. There is currently a survey being done to add part of the north portion of the south tract: Legal: S 160 FT LOT 2, BLOCK A MAUDE CARPENTER PARK ADD. EXEMPT NO. 88-0971-TX and adding an easement to the drive on the west side of the north tract to allow Seller access to the remaining balance of the south tract. We will update prior to the start of the auction bidding process.

Preview Date: Saturday January 7, 2023 10:00 AM-Noon

Property Type: Multifamily

Subtype: Apartment Building

Square Footage: 124,886

Units: 20

Parking (per unit): 24

Broker Co-Op: Yes

Ownership: Non-profit