100 Yvon Street

Located of Blair Farm Road approximately 1.2 miles from Hwy 411.Red Rock is pleased to present Magnolia Manor, a 16 unit apartment community located in growing Odenville, AL. The +/-95% occupied property presents investors an excellent opportunity to acquire a stabilized asset that is both generating income and offers upside through building additional units on the west side of the property. The private sewer system was designed to accommodate 32 units and clubhouse. Originally constructed in 2005, the property is comprised of 3 buildings totalling 19,070 sf. The clubhouse/event venue is +/- 4,360 rentable sf while the garden-style apartment buildings are +/- 14,710 rentable sf. All 16 units have grade-level exterior access with enclosed garages. Property is located on a +/- 25.9 acre parcel with room to expand and in-place infrastructure. The property is comprised of eight 1BR/1BA units and eight 2BR/1BA units. Over $300,000 in renovations have been completed to the clubhouse including new flooring, audio-visual upgrades, lifted ceiling, new paint, new lighting, new bathroom fixtures, new doors, installation of gutters, removal of old exterior deck, installation of a concrete patio, and removal of walls. Additionally, over $100,000 in renovations have been completed on the apartment units including installation of hardi-board on rear exterior wall of buildings, installation of new flooring, installation of gutters, and new paint. The owner is responsible for water, trash collection, property taxes and insurance. All other utilities are paid by the tenants.Newly renovated wedding and event venue for sale within 30 minutes of downtown Birmingham. Covered porte cochere leads to a large 2,700 sf meeting hall/chapel fully equipped with sound and audio visual system. Gathering room opens to a huge railed patio with wheelchair access overlooking the acreage. Building includes a full kitchen with 4' hood, Vulcan 6 burner range, double oven, 3 compartment sink and commercial dishwasher. In addition to several storage/dressing rooms, there are two large ADA restrooms. Over 850 sf of decked storage upstairs has separate exit stair and could easily be converted to a bridal or groom suite.