120 Units | 3 Property Portfolio 3 Multifamily Properties Offered at $16,950,000 in Cordele, GA
INVESTMENT HIGHLIGHTS
- Located in thriving transportation corridor. Economic gateway to central South Georgia. Below market rents
- Workforce labor shortage - workforce income substantially increasing
- Valued at $17,750,000 in a recent 495 pages MAI apprasial report issued by one of the top real estate firms in the world
- Less than 2.5% vacancy in market. Typically, 95% to 100% occupied. Acute housing shortage. More jobs than places to live
- 15 days to evict versus 6 months in metro Atlanta
EXECUTIVE SUMMARY
Opportunity to acquire recently renovated typically fully occupied Class B apartment communities - 36, 36, and 48 units - totaling 120 units (operated as one property, two are adjacent within a mile of the third) in Cordele, GA situated alongside I-75, the busiest interstate in the country and a thriving transportation corridor.
Offered at a 6.4% cap rate based upon current operations, 9.0% cap rate with market rents. Approximately $ 1,200,000 has been spent on renovations during the last 18 months. Approximate 109 of the 120 units have been renovated and some currently under renovation or scheduled for renovation.
Offered at a 6.4% cap rate based upon current operations, 9.0% cap rate with market rents. Approximately $ 1,200,000 has been spent on renovations during the last 18 months. Approximate 109 of the 120 units have been renovated and some currently under renovation or scheduled for renovation.
PROPERTY FACTS
| Price | $16,950,000 |
| Price / SF | $128.31 / SF |
| Cap Rate | 6.40% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 132,100 SF |
| Total Land Area | 10.01 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Woodstone Townhomes
1506 S South Pecan St, Cordele, GA 31015 |
Multifamily | 50,000 SF | 2002 | - |
|
Pecan Terrace
1516-58 E East 20th Ave, Cordele, GA 31015 |
Multifamily | 43,000 SF | 2002 | - |
|
Emerald Apartments
1516 South Pecan St, Cordele, GA 31015 |
Multifamily | 39,100 SF | 2002 | - |
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