Description

Approximately 11 acre site approved for 28 quad apartment buildings for a total of 112 units. Currently there are 24 apartments constructed within six buildings. Existing apartments have been historically 100% rented at an average rental of $725 per month. Each apartment unit is separately metered and could be converted to condos. Site is just a minute from Freeport's most active intersection. Property has a pending agreement with the City of Freeport for remaining roads and water/sewer mains to be constructed at city expense. Owners will consider a separate sale of remaining vacant land for $600,000. Remaining land has been approved for an additional 80 apartment units.