Benson Gardens Apts

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30647522
Property Subtypes: Mid-Rise
Status: Pending/Contingent
Number of Units: 48 Units
Building Size (RSF): 14,262 SF
Gross Land Area: 2.82 Acres
Sale Price: $3,699,000
Unit Price: $77,062.50 Per Unit
Property Use Type: Investment
Building Name: Benson Gardens
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 96
Last Updated: 10/22/2020

Overview / Comments

*** The sale is a portfolio sale in conjunction with 3025 Meredith Ave, Omaha, NE. All offers will be considered, but priority will be given to offers for both apartment complexes.

Benson Gardens Apartments is professional owned and managed by Allied. This is a solid B-class apartment complex with 48 total units, 42 garages, off-street parking and green space. There are thirty-two (32) 2-bedroom, 1 bath units with about 900 square feet. The other sixteen (16) are 1-bed, 1 bath units with about 780 square feet. The units are open concept as you walk into the living room / dining room area. Kitchens & baths have been tastefully updated. The complex consists of 2 buildings and 2 laundry rooms in each (4 total).
Utilities:
Each unit has separate electrical meter (OPPD) and tenants are responsible for putting electric in their name and paying bill. The gas and water are single meter to the buildings. The owners pay the gas and water, but bill each to the tenant per unit size.

Capital Improvements:
Sellers replaced the commercial grade flat roof on Building 1 in last three years and Building 2 in 2020. Both roof replacements come with transferrable warranty for the new ownership.
The HVAC systems have been replaced as needed. The Sellers have replaced about HALF of the furnaces and central AC units. All other units have been consistently well maintained with records.
Most of the appliances in each unit have been upgraded. Each unit boasts a refrigerator, stove and dishwasher. In addition, LED lights have been installed for most units.
1st & 2nd floor units have balconies that have all been renovated & secured.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $45,876 (Annual)

Additional Details

Nearest MSA: Omaha-Council Bluffs
County: Douglas
Taxing Authority: Douglas County
Tax ID/APN: 0634180000
Percent Occupied: 100%
Community Amenities: Jogging Paths, Play Ground, On-Site Maintenance
Property Located Between: Benson & Midtown
Site Description: Level 2.82 Acre property adjacent to City greenspace for enjoyment. Plenty of parking & garages.
Area Description: Benson area
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1971
Year Renovated: 2016
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Brick exterior. Lots of grounds space. Balconies on 1st and 2nd floor units. Garages and off-street parking available.
Parking Ratio: 1 (per 1000 SF)
Parking Type: Structure, Surface
Total Parking Spaces: 48
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Nicely updated 1 & 2 bed units. Upgrades include; appliances, LVP flooring, new carpet, LED lights, paint, plumbing & electric.
Zoning Description: R6
In Flood Plain?: Yes
Lot Frontage: 200
Lot Depth: 492
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: fee simple
Legal Description: BENSON GARDENS LOT 220 BLOCK 0 LOT 219 & 2.82 AC

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,219 137,300 305,440
Median Age: 35.6 34.87 34.76
Households: 6,734 58,978 124,267

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