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101 Mill Ridge Cir - Tifton Apartments 170 Unit Apartment Building Offered For Sale Tifton, GA 31793
Executive Summary
Investment highlights:
78 units built between 2017 and 2020
50 units built between 2010 and 2016
42 units built in 2004
The Property is currently 98% occupied, and the direct comparative property vacancies in market are at sub 3.0%
Market Rents were raised $75.00 / unit on the 2's and 3's on July 1.
Located in West/Northwest Tifton, on the west side of I-75, the properties have a laid back, safe, country feel with an upscale location near great retail, a university and a college.
Offered with assumable Fannie debt at 3.13%, due Nov. 2030
Current Balance - $10,250,000. Or, new debt can be placed
There is a Fannie mortgage on 150 units, and 20 units are free and clear.
Washer & Dryer in all 170 units. Owners are not charging currently. 170 units x 12 months x $50.00 = $102,000 new $'s
Pet Fee Income should rise at least $25,000 (42 pets) from the T-12 of only $2,250 from one-time fees. Instead, charge one-time $350 fee and $25-$35/month
Legal & Professional Fees will be approximately $11,000 less than the T-12 due to non-reoccurring Tax Appeal costs
Management Fees will be approximately $70,000 less at $75,000 (3%) vs the current T-12 $146,000 (6%)
New Property Taxes quoted will be approximately *$226,000 Year-1, Post Sale. T-12 Tax Escrow was $247,000
78 units built between 2017 and 2020
50 units built between 2010 and 2016
42 units built in 2004
The Property is currently 98% occupied, and the direct comparative property vacancies in market are at sub 3.0%
Market Rents were raised $75.00 / unit on the 2's and 3's on July 1.
Located in West/Northwest Tifton, on the west side of I-75, the properties have a laid back, safe, country feel with an upscale location near great retail, a university and a college.
Offered with assumable Fannie debt at 3.13%, due Nov. 2030
Current Balance - $10,250,000. Or, new debt can be placed
There is a Fannie mortgage on 150 units, and 20 units are free and clear.
Washer & Dryer in all 170 units. Owners are not charging currently. 170 units x 12 months x $50.00 = $102,000 new $'s
Pet Fee Income should rise at least $25,000 (42 pets) from the T-12 of only $2,250 from one-time fees. Instead, charge one-time $350 fee and $25-$35/month
Legal & Professional Fees will be approximately $11,000 less than the T-12 due to non-reoccurring Tax Appeal costs
Management Fees will be approximately $70,000 less at $75,000 (3%) vs the current T-12 $146,000 (6%)
New Property Taxes quoted will be approximately *$226,000 Year-1, Post Sale. T-12 Tax Escrow was $247,000
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Property Facts
| Sale Type | Investment | Building Size | 204,329 SF |
| No. Units | 170 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2017 |
| Sale Type | Investment |
| No. Units | 170 |
| Property Type | Multifamily |
| Building Size | 204,329 SF |
| No. Stories | 2 |
| Year Built | 2017 |
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Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 0032E-145 | Improvements Assessment | $105,110 |
| Land Assessment | $5,432 | Total Assessment | $110,542 |
Property Taxes
Parcel Number
0032E-145
Land Assessment
$5,432
Improvements Assessment
$105,110
Total Assessment
$110,542
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101 Mill Ridge Cir - Tifton Apartments