Brixton Place

Partially Renovated Apartment Building with 1 and 2 bedroom units. Close to great schools, downtown, the hospital, and more. Market: Mobile’s low business costs, an expanding port, an intermodal transportation hub, and a diverse employment base have enticed businesses to expand in or relocate to the region. The Mobile Aeroplex, a mixed-use industrial complex that acts as the transportation and industrial epicenter of the Central Gulf Coast, experienced a burst of activity over the past few years. More than 300 jobs have been added by companies including Hutchison Aerospace, AAA Aerospace, and MAAS Aviation. Airbus announced that it will build 100 new jets on request from Delta Air Lines and formed a joint venture with Montreal based aerospace giant Bombardier to assemble A220 jets at Airbus' facility. The $300 million investment created around 400 new jobs with average salaries of $70,000. Airbus also announced another major expansion in Mobile that will result in an additional 1,000 new hires. Mobile's apartment market has performed well over the past few quarters. Demand has been strong, which, coupled with a lack of new supply, has pushed the metro's vacancy rate down to 7.0%. Year over year rent growth of 6.1% is on par with both Mobile's five year annual average and the national benchmark. The metro's supply pipeline remains minimal and owners should remain in an advantageous position to increase rents over the next few quarters. Properties in Mobile come at a significant discount to both the national average and larger nearby metros and average cap rates are well above the average for the Southeast region. Submarket: lows for a unique opportunity to live in a charming neighborhood surrounded by excellent dining, parks, and historic homes. The Neighborhood provides a true taste of Mobile, with streets are lined with the canopies of live Magnolia and Oak Trees yet sits just 2 miles from Mobile’s bustling downtown. Local Amenities include: Local, highly-rated restaurants that represent a wide array of cuisines Local Small Businesses Multiple Grocery and Pharmacy Options Historic homes & buildings Cornerstone GardensProperty: 34 units built in 1965 in one of the more affluent parts of Mobile. Located in Midtown off of Dauphin St. and just 2 miles from Downtown Mobile Among some of the largest units in the market Location: Nestled in the Old Dauphin Historic District, this property allows for a unique opportunity to live in a charming neighborhood surrounded by excellent dining, parks, and historic homes. Investment: B minus Property in a B plus area Value-add play Effective rents at $743 $300k in CapEx spent Upgrades ranged from $5-10k depending on the level of work needed. All electrical copper, all Plumbing PVC Own all laundry machines, will be conveyed with the property Resurfaced/Restriped parking lot Painted building & updated signage