SUMMIT AT ROSS
SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Summit at Ross in Auburn, AL. Summit at Ross is a 61-unit/111-bed student housing asset that was built in 1948 (one unit), 1972-1974 (forty-eight units), and 2003 (twelve units), and is located just five minutes from Auburn University's campus and Downtown Auburn. The property consists of twenty-four one-bedroom units, twenty-four two-bedroom units, and thirteen three-bedroom units, and currently has an amenity package consisting of an on-site laundry facility, basketball court, large courtyard, and a playground. Upon completing unit interior renovations and amenity improvements, and re-instating flat fee utility reimbursements in addition to rent, an investor is able to increase rents by 15% and net operating income by 36%.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
61
UNITS
111
BEDS
55,468
SQFT
1948-2003
YEAR BUILT
PRICED AT MARKET BID
VITAL PROPERTY DATA
PROPERTY ADDRESS: 650 Ross Street, Auburn, AL
NUMBER OF UNITS: 61 Units
NUMBER OF BEDS: 111 Beds
RENTABLE SQUARE FOOT: 55,468 SF
AVERAGE UNIT SIZE: 909 SF
NUMBER OF BUILDINGS: (6) Residential, (1) Storage/Laundry
PARKING SURFACE: Asphalt
PARKING SPACE: 122 +/-
LOT SIZE: 3.78 Acres +/-
FINANCING: Debt Assumption (See OM For Details)
INVESTMENT OVERVIEW
Well Located Asset Within a Tier I Student Housing Market
Located Directly on Auburn University's Bus Route
Situated Within Five Minutes of Auburn University
Ability to Complete Renovations and Improve Amenity Offerings
Opportunity to Increase Rents by 15% Upon Completion of Renovations
Potential to Increase Net Operating Income by 36%
DEAL TEAM CONTACTS
Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com
Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com
Preston Cooper
Senior Investment Associate
O. 205.510.9200
Preston.Cooper@marcusmillichap.com
Jhamil Moore
Investment Associate
O. (407) 557-3830
Jhamil.Moore@marcusmillichap.com
Contact an Agent Listed Above to Schedule Property Tours