3 Townhouses in Madison Manor


  • 1235-1239 Old Furnace Road Harrisonburg, VA, 22802

Documents:

Features include: 

  • Each townhouse can be purchased separately or together (photos are of Unit 1239)
  • Built in 1988
  • Townhouse condos
  • Access to amenities (pool, basketball courts) and convenient to employment centers and retail areas (pool closed for renovations during summer 2016)
  • Portfolio cap rate of nearly 9% producing a quality cash flow
  • High rent growth market and regional employment destination with population growth of 50% projected over the next thirty years
  • Overall multifamily vacancy rate within the Harrisonburg metro area less than 4% (Source: CoStar)
  • Madison Manor POA information
  • Madison Manor covenants and restrictions 

Unit 1235: 

  • $50,000 starting bid!
  • 1,364 SF
  • 4 bedrooms, 2.5 baths
  • Rent: $775
  • Rent/yr: $9,300
  • Renewal: No
  • POA/mo: $170
  • Taxes*: $673
  • Insurance*: $475
  • NOI: $6,112

Unit 1237

  • $45,000 starting bid!
  • 1,240 SF
  • 4 bedrooms, 2.5 baths
  • Rent: $875
  • Rent/yr: $10,500
  • Renewal: No
  • POA/mo: $170
  • Taxes*: $646
  • Insurance*: $475
  • NOI: $7,339
  • (please note: this unit had a recent water leak in the downstairs half bath that has since been fixed)

Unit 1239

  • $50,000 starting bid!
  • 1,364 SF
  • 4 bedrooms, 2.5 baths
  • Rent: $875
  • Rent/yr: $10,500
  • Renewal: No
  • POA/mo: $170
  • Taxes*: $646
  • Insurance*: $475
  • NOI: $7,339

*estimated annual expense; utilities at tenant's expense

TOTAL ESTIMATED NOI: $20,790 

 

This is an online only auction that will open at noon on Thursday, June 16, 2016 and close at noon on Thursday, June 23, 2016.

Auctioneer's note: All information is derived from sources believed to be correct, but it is not guaranteed. Buyers shall rely on their own information, judgment and inspection of the property. All auction day announcements take precedence over any previously printed material or any other oral statements made.