Description
Shipp Apartments is a 12-unit studio apartment complex offering strong in-place occupancy and potential upside through future rent growth. The property is currently 100% occupied, with a current rent roll totaling approximately $8,600 per month, or $103,200 in annualized scheduled rent. Individual rents currently range from approximately $500 to $800 per month, creating an opportunity for continued rent optimization as market conditions and tenant turnover allow. The property reported $96,000 in rental income during 2025, providing historical support for the current income stream. The property is currently self-managed and offers a relatively straightforward operating model. With full occupancy, existing cash flow, a simple 12-unit studio configuration and potential rental upside, Shipp Apartments provides an opportunity to acquire an established multifamily asset with room for continued income growth.
School Ratings & Info
Description
Shipp Apartments is a 12-unit studio apartment complex offering strong in-place occupancy and potential upside through future rent growth. The property is currently 100% occupied, with a current rent roll totaling approximately $8,600 per month, or $103,200 in annualized scheduled rent. Individual rents currently range from approximately $500 to $800 per month, creating an opportunity for continued rent optimization as market conditions and tenant turnover allow. The property reported $96,000 in rental income during 2025, providing historical support for the current income stream. The property is currently self-managed and offers a relatively straightforward operating model. With full occupancy, existing cash flow, a simple 12-unit studio configuration and potential rental upside, Shipp Apartments provides an opportunity to acquire an established multifamily asset with room for continued income growth.
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