The Alcy Garden Apartments is a 46 unit apartment complex located in the Southeast Memphis submarket of Memphis being offered as is where is. This asset offers a great
value-add opportunity for a skilled investor. It is currently 100% vacant and allows the opportunity to start renovations today.
These uniquely constructed buildings have plenty of character and definition. The original construction consist of 12 buildings and included 56 units.
Value add is in the ability to revive the condition and lease up to a stronger tenant base. There is a great amount of visible interior and exterior deferred maintenance
throughout the complex that needs to be addressed before high occupancy levels can be achieved. Renovations necessary include; repair roofs, repave parking lot, replace
broken windows/doors, commercial outside landscaping, and an interior design reconstruction (i.e. carpet, tile, plumbing, electrical, drywall (sheet rock), paint and
fixtures/appliances when necessary). Results will be achieved when paired with a dynamite management team along this high trafficked stretch of road. Repairing and
replacing these items will help to create more traffic and increase the ability to rent.
Estimated cost to complete the renovations are around $1.15 M
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