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Stabilized Rent-Subsidized MFR 1013 Cedar Ave 42 Apartment Units Online Auction Sale Albany, GA 31701
Matterport 3D Tours
Investment Highlights
- Income-producing, rent-controlled 42-unit multifamily asset offers stable cash flow at 85.71% occupancy with revenue upside through lease-up.
- Balanced unit mix, including six one-bedroom, 20 two-bedroom, and 16 three-bedroom residences, broadens renter demand and supports diverse occupancy.
- Southwest Albany location near Albany Technical College, approximately five minutes to Downtown Albany and Southwest Georgia Regional Airport.
- Nine-building, garden-style layout with wood-frame construction on concrete slab supports long-term ownership efficiency and repositioning potential.
- In-unit washer and dryer hookups, standard kitchen appliances, a shaded central courtyard, and ample perimeter parking enhance resident appeal.
- Supportive market fundamentals, including a 62% renter population, reinforce sustained demand for attainable housing and long-term upside.
Executive Summary
Property tours will be held on July 7 from 1:00 PM to 5:00 PM and July 8 from 9:00 AM to 12:00 PM. Please contact the broker for additional details.
Cedar Avenue Apartments offers a compelling opportunity to acquire and reposition a 42-unit rent-controlled multifamily community in Albany, Georgia, delivering stable in-place income with clear upside potential. Currently 85.71% leased, the property provides immediate cash flow while presenting a strong prospect to drive revenue through the lease-up of vacant units and continued operational improvements. Comprising nine two-story, garden-style buildings, the asset features durable wood-frame construction on a concrete slab with lower brick façades and mansard-style roofing.
Providing a well-balanced unit mix of one-, two-, and three-bedroom floor plans, each equipped with essential features, including washer and dryer hookups and standard kitchen appliances, the property's functional layouts appeal to a broad tenant base. A shaded central courtyard, green space, and perimeter parking enhance livability. Investors can leverage the property's solid foundation to implement targeted interior and exterior upgrades that can enhance the asset and support rent growth.
Located at 1013 Cedar Avenue in a Southwest Albany suburban setting, the property benefits from proximity to key demand drivers, including educational institutions such as Monroe High School and Albany Technical College, as well as everyday services and employers. The site is approximately five minutes from Downtown Albany and Southwest Georgia Regional Airport (KABY), offering strong regional connectivity and convenience for residents. With a population nearing 70,000 and a growing reputation as a hub for outdoor recreation along the Flint River and a center for arts and culture, Albany continues to see increased investment and infrastructure expansion that support long-term growth.
Market fundamentals further reinforce the investment, with average household incomes of $58,444 within a 5-mile radius and a renter population comprising approximately 62% of households, underscoring sustained demand for attainable housing. City-led initiatives focused on infrastructure expansion and housing investment are optimistic about driving continued population growth and economic activity.
Another compelling investment opportunity is located at 1210 S 10th Street in Cordele, Georgia, featuring 36 rent-subsidized units; refer to the links section below for additional details.
Cedar Avenue Apartments offers a compelling opportunity to acquire and reposition a 42-unit rent-controlled multifamily community in Albany, Georgia, delivering stable in-place income with clear upside potential. Currently 85.71% leased, the property provides immediate cash flow while presenting a strong prospect to drive revenue through the lease-up of vacant units and continued operational improvements. Comprising nine two-story, garden-style buildings, the asset features durable wood-frame construction on a concrete slab with lower brick façades and mansard-style roofing.
Providing a well-balanced unit mix of one-, two-, and three-bedroom floor plans, each equipped with essential features, including washer and dryer hookups and standard kitchen appliances, the property's functional layouts appeal to a broad tenant base. A shaded central courtyard, green space, and perimeter parking enhance livability. Investors can leverage the property's solid foundation to implement targeted interior and exterior upgrades that can enhance the asset and support rent growth.
Located at 1013 Cedar Avenue in a Southwest Albany suburban setting, the property benefits from proximity to key demand drivers, including educational institutions such as Monroe High School and Albany Technical College, as well as everyday services and employers. The site is approximately five minutes from Downtown Albany and Southwest Georgia Regional Airport (KABY), offering strong regional connectivity and convenience for residents. With a population nearing 70,000 and a growing reputation as a hub for outdoor recreation along the Flint River and a center for arts and culture, Albany continues to see increased investment and infrastructure expansion that support long-term growth.
Market fundamentals further reinforce the investment, with average household incomes of $58,444 within a 5-mile radius and a renter population comprising approximately 62% of households, underscoring sustained demand for attainable housing. City-led initiatives focused on infrastructure expansion and housing investment are optimistic about driving continued population growth and economic activity.
Another compelling investment opportunity is located at 1210 S 10th Street in Cordele, Georgia, featuring 36 rent-subsidized units; refer to the links section below for additional details.
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Data Room Click Here to Access
- Property Information
- Financials
- Third Party Reports
- Title and Insurance
- Purchase Agreement
- Register to Bid Instructions
Property Facts
| Sale Type | Investment | Lot Size | 3.07 AC |
| Sale Condition | Auction Sale | Building Size | 42,750 SF |
| Type of Ownership | Fee Simple | Average Occupancy | 98% |
| No. Units | 42 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | Parcel Number | 00212-00001-08A |
| Building Class | C | ||
| Zoning | R1A - Low-Density Residential | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.07 AC |
| Building Size | 42,750 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built | 1971 |
| Opportunity Zone |
Yes |
| Zoning | R1A - Low-Density Residential |
| Parcel Number | 00212-00001-08A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
1 1
Fairly walkable
40/100
Very drivable
80/100
Somewhat bikeable
30/100
About Albany, Georgia
Albany is one of the largest residential markets in southern Georgia, and the area contains several major employers, driving continued demand for multifamily living.
The market is easily accessible via Interstate 75, as well as the multiple state highway routes that crisscross Albany. In fact, Albany is a quick drive from Valdosta, Tifton, and Columbus. Atlanta is roughly three hours away, while most major cities in Florida are within a day’s drive, allowing firms to efficiently service some of the largest population centers in the region. For this reason, the United States Marine Corps established its Southeastern Logistics Base in the area.
Albany is home to several major government and corporate offices, as well. The Georgia Department of Human Services, the Social Security Administration, and Phoebe Putney Health System are all within a few miles and serve as a hub for healthcare needs for the many surrounding rural communities. Proctor and Gamble’s production facility here also drives manufacturing job growth in the market.
Multifamily buildings in Albany sell at a significant discount to other nearby Georgia markets. Investors can typically expect higher than average yields on investments here, as well, compared to deals in more expensive Georgia markets including Atlanta and Savannah.
Sale Advisors
Sale Advisors
Lee Malchow,
Vice President
Lee became a valued member of The Palomar Group in 2018, contributing to transactions exceeding $500 million during his tenure. Specializing in multifamily and retail dispositions and acquisitions, Lee‘s expertise extends to secondary and tertiary markets across the Southeast, with additional experience in the Northeast and Midwest.
Before joining Palomar, Lee honed his skills at Georgia-Pacific’s corporate real estate group, focusing on industrial and office leases, dispositions, and buy vs. lease analysis. He later transitioned to the credit group, overseeing accounts receivable for high-risk customers. Lee spent three years in the asset-based lending group at SunTrust Robinson Humphrey as a loan portfolio and business development analyst.
A 2010 graduate of Wake Forest University, Lee holds an MBA from the University of Georgia. During his time at Wake Forest, he was a 4-year letterman on the football team, playing linebacker and special teams.
Lee, alongside his wife Kristin, is an active member of St. Mary’s on the Hill Catholic Church. Engaging in the community, he is a proud member of the Augusta Exchange Club and Masters Scoring Committee. Lee and Kristin are blessed with two sons, Michael and James.
Before joining Palomar, Lee honed his skills at Georgia-Pacific’s corporate real estate group, focusing on industrial and office leases, dispositions, and buy vs. lease analysis. He later transitioned to the credit group, overseeing accounts receivable for high-risk customers. Lee spent three years in the asset-based lending group at SunTrust Robinson Humphrey as a loan portfolio and business development analyst.
A 2010 graduate of Wake Forest University, Lee holds an MBA from the University of Georgia. During his time at Wake Forest, he was a 4-year letterman on the football team, playing linebacker and special teams.
Lee, alongside his wife Kristin, is an active member of St. Mary’s on the Hill Catholic Church. Engaging in the community, he is a proud member of the Augusta Exchange Club and Masters Scoring Committee. Lee and Kristin are blessed with two sons, Michael and James.
Mart Martindale,
Managing Principal
Mart co-founded EDGE Capital Markets, the investment sales platform of EDGE Realty Partners, in 2012. Mart has over 22 years of experience as an investment advisor for the underwriting, acquisition, disposition and financing of commercial and multifamily assets throughout Texas and surrounding states. His thorough knowledge of the resolution of troubled assets has made him indispensable to an extensive list of clients that include loan servicers, national banks, insurance companies and other financial institutions. Mart and his team have sold over $3 Billion in assets and has valued over $15 Billion for institutional clients. Prior to EDGE, Mart served as Senior Director with both Cushman & Wakefield and Berkadia and as a Vice President with PM Realty Group. He is a 1995 graduate of Texas Christian University and is an active member of the Commercial Real Estate Finance Capital.
Claire Schmeltekopf, Associate, Capital Markets
Claire is an Associate with Edge Capital Markets and works with senior brokers to assist with research, marketing, and transactional efforts. She works with all product types including multi-family, retail, land and office.
Claire is a graduate from Baylor University where she received a business degree in marketing and entrepreneurship. Prior to Edge she worked for real estate developers in Denver, Colorado and Waco, Texas. In her free time, she enjoys traveling, spending time with friends and family, and watching Baylor sports.
Claire is a graduate from Baylor University where she received a business degree in marketing and entrepreneurship. Prior to Edge she worked for real estate developers in Denver, Colorado and Waco, Texas. In her free time, she enjoys traveling, spending time with friends and family, and watching Baylor sports.
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Cheri Mascitelli
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Auctioneer License:
Ten-X Commercial, LLC Jessica Anne Figueroa RE Brkr 75044. Ten-X Commercial, LLC Arlene Richardson Auction Firm AU003185
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Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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