Close to W. Beltline Highway
Tenant Paid Heat
3 New Roofs & Gutters Since 2014
Near Major Employments Nodes
Abbey Hill is a 64-unit apartment community developed in 1974 on 3 acres of land located just off the W. Beltline/Fish Hatchery interchange in the city of Fitchburg (Madison). The unit mix is comprised of One- and Two-Bedroom units in four 16-Unit buildings. In-place rents average $864 per month with tenants paying for electric, heat, air conditioning, cable and internet. The building has glass entry doors with intercom access (new intercom panels installed in 2016). Three of four roofs and gutters were replaced since 2014. Roughly 60% of the windows and patio doors have been replaced. Abbey Hill offers affordable rents in a high-cost area and is competitively positioned for rent growth and strong occupancy in an area of sustained commercial development and employment growth. The offering price has been reduced to $4,950,000 and is just 7.4X’s gross scheduled income. Abbey Hill is projected to generate leveraged cash returns of 10% per annum ad tax-advantaged annual total returns of 20% to 24% per annum.