1030 Summit St NE | Gainesville, GA 30501
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- LoopNet Team
1030 Summit St NE
Gainesville, GA 30501
Lanier Terrace · Multifamily Property For Sale
·
96 Units
Investment Highlights
- Stout Operations: 99% Physically Occupied with Minimal Bad Debt
- Organic Rent Growth: 13% Loss-to-Lease Burn Off Pushes In-Place Cap to Mid-7%
- Walking Distance to Downtown Gainesville and North Georgia Medical Center; Adjacent to Fair Street School and the Boys and Girls Club of Lanier
- Attractive Assumable Debt: Fixed-Rate Agency Debt with Blended Rate at 3.90%
- Well-Maintained Asset: Seller Capex Includes Replacement of All Roofs
Property Facts
| No. Units | 96 | Building Size | 77,280 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built/Renovated | 1970/2019 |
| Building Class | C | Parking Ratio | 2.84/1,000 SF |
| Lot Size | 6.38 AC | ||
| Zoning | R2 - medium-density residential development | ||
| No. Units | 96 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 6.38 AC |
| Building Size | 77,280 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built/Renovated | 1970/2019 |
| Parking Ratio | 2.84/1,000 SF |
| Zoning | R2 - medium-density residential development |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Laundry Service
- Walking/Biking Trails
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 72 | $1,335 | 725 |
| 3+1 | 24 | $1,476 | 1,045 |
Property Taxes
| Parcel Number | 01-00035-02-005 | Improvements Assessment | $2,820,905 |
| Land Assessment | $663,095 | Total Assessment | $3,484,000 |
Property Taxes
Parcel Number
01-00035-02-005
Land Assessment
$663,095
Improvements Assessment
$2,820,905
Total Assessment
$3,484,000
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