138 Unit Apartment Complex - Lincoln, NE!

Multi-Family for Sale
Catylist Listing ID: 30356262
Property Subtypes: High-Rise
Number of Units: 138 Units
Building Size (RSF): 111,504 SF
Gross Building Area: 128,424 SF
Gross Land Area: 11.30 - 11.40 Acres
Sale Price: See Agent
Property Use Type: Investment
Building Name: Williamsburg Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 12/31/2018

Overview / Comments

Take advantage of this opportunity to own a large apartment complex in South Lincoln (Nebraska)! Williamsburg offers easy access to Highway 2, is centrally located in Lincoln, and is adjacent to one of the largest parks in the city. The property has maintained high occupancy and produced solid cash flow. Southpointe Mall, schools, commercial centers, and grocery stores (Hy-Vee and Russ's) are just minutes away. The community is nestled within the Tierra neighborhood just south of Highway 2. Lincoln maintains a low 2.4% unemployment rate with rising wages. Rents are strong and new building permits for apartments have tapered in the last 3 years. Lincoln continues to expand to the south of Williamsburg with new car dealerships, townhome developments, and restaurants. The property recently was upgraded with brand new roofs, several windows, and a replacement of over 30 new air conditioners. 14 of the 138 units have been upgraded for new rental potential. The opportunity to acquire a large development in a stable economy like Lincoln, Nebraska is rare. Inquire Today!

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $105,018 (Annual)

Additional Details

Nearest MSA: Lincoln
County: Lancaster
Taxing Authority: Lancaster County Assessor
Tax ID/APN: 16-07-211-027-000
Zoning: SP/R2
Percent Occupied: 95%
Community Amenities: Jogging Paths
Property Located Between: 40th and 27th Streets
Highway Access: 1 Block South of Highway 2
Airports: Lincoln Municipal Airport
Site Description: A beautiful setting of 11.34 acres. A wonderful wooded park with jogging/walking trails is on the North end of the property. The east, south, and west part of the property consist of homes in the Tierra neighborhood.
Area Description: Lincoln offers a stable economy with government and university presence. Lincoln's 2.4% unemployment area is one of the lowest in the country. The neighborhood offers easy access to Highway 2 to travel anywhere in the city. Shopping, schools, parks, grocery, etc. are all close by.
Total Number of Buildings: 11
Property Condition: Good
Number of Stories: 3
Year Built: 1978
Roof Type: Hip
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Visit WilliamsburgLincoln.com for excellent visuals of the exterior
Parking Ratio: 2.5 (per 1000 SF)
Parking Type: Structure, Surface
Parking Description: 92 garage stalls currently rented between $35 and $50 a month. In addition, 184 surface lots for guest and residents.
Total Parking Spaces: 276
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: 14 of the 138 units were updated with modern paints, appliances, and refinished cabinets. We have full walk-through videos of every floor plan on our website provided for you in the "Links" section of this listing.
Zoning Description: SP/R2
In Flood Plain?: Yes
Lot Frontage: Irregular Shaped
Lot Depth: Irregular Shaped
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Full
Legal Description: Briarhurst West First Addition, block 2, Lot 1-14

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,681 112,500 191,642
Median Age: 36.41 37.54 35.47
Households: 7,340 47,557 77,536
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