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Cash-Flowing LIHTC Multifamily Asset 1210 S 10th St 36 Apartment Units Online Auction Sale Cordele, GA 31015
Matterport 3D Tour
Investment Highlights
- Repositioning potential supports rent growth and value creation through targeted improvements, operational enhancements, and remaining lease-up.
- Durable construction and existing features provide a cost-efficient base for upgrades that can quickly elevate asset quality and drive rents.
- Stable market fundamentals, including average household incomes of $57,055 and 53% renter occupancy, support consistent market absorption.
- One-, two-, and three-bedroom floor plans enhance tenant diversity and long-term stability while meeting strong demand for attainable housing.
- Strategic location with access to US Highway 280 and Interstate 75 connects residents to larger employment centers, strengthening tenant demand.
- Invest in a growing small-town market where economic initiatives and new business development are expected to increase housing demand.
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.
Holsey Cobb Village Apartments delivers a unique opportunity to acquire and reposition a 36-unit Low-Income Housing Tax Credit (LIHTC) multifamily community in Cordele, Georgia, offering immediate income and long-term upside. Currently 80.55% leased, the property provides in-place cash flow with a clear runway for lease-up and operational improvement.
Comprising seven garden-style buildings with a mix of single- and two-story layouts, the asset benefits from durable brick-and-wood construction, mansard-style roofing, and a functional unit mix that includes one-, two-, and three-bedroom floor plans ranging from 598 to 1,226 square feet. Existing interiors feature central air conditioning, a combination of LVP and carpeted flooring, and standard kitchen appliances, creating a solid foundation for strategic interior upgrades that can drive rental growth and enhance overall asset value.
Between West 22nd Avenue and 23rd Avenue W, three blocks east of South 7th Street, 1210 S 10th Street has strong connectivity to key corridors, including US Highway 280 and Interstate 75, allowing convenient access to larger employment hubs such as Atlanta and Columbus. The surrounding market is supported by average household incomes of $57,055 and a renter base that accounts for more than half of local households, reinforcing sustained demand for attainable housing. Proximity to essential retail and services, including Crisp County Elementary School, Cordele Super Market, and Family Dollar, further strengthens the property’s appeal to residents seeking convenience and accessibility.
Beyond the fundamentals, the investment structure centers on the opportunity to generate financial returns and meaningful impact within a close-knit community of approximately 10,500 residents. Cordele, widely recognized as the Watermelon Capital of the World, is experiencing renewed momentum through initiatives such as the Downtown Cordele Incentive Program, designed to stimulate new business formation, preserve local character, and attract workforce growth. As new businesses emerge and economic activity increases, demand for quality housing is expected to follow, positioning Holsey Cobb Village as a critical component of the city’s long-term housing ecosystem.
Through strategic capital improvements and a focused repositioning strategy, investors have the opportunity to enhance operational performance and drive rent growth, and elevate the standard of housing within the community.
Another compelling investment opportunity is located at 1013 Cedar Avenue in Albany, Georgia, featuring 42 rent-subsidized units. Refer to the links section below for additional details.
Holsey Cobb Village Apartments delivers a unique opportunity to acquire and reposition a 36-unit Low-Income Housing Tax Credit (LIHTC) multifamily community in Cordele, Georgia, offering immediate income and long-term upside. Currently 80.55% leased, the property provides in-place cash flow with a clear runway for lease-up and operational improvement.
Comprising seven garden-style buildings with a mix of single- and two-story layouts, the asset benefits from durable brick-and-wood construction, mansard-style roofing, and a functional unit mix that includes one-, two-, and three-bedroom floor plans ranging from 598 to 1,226 square feet. Existing interiors feature central air conditioning, a combination of LVP and carpeted flooring, and standard kitchen appliances, creating a solid foundation for strategic interior upgrades that can drive rental growth and enhance overall asset value.
Between West 22nd Avenue and 23rd Avenue W, three blocks east of South 7th Street, 1210 S 10th Street has strong connectivity to key corridors, including US Highway 280 and Interstate 75, allowing convenient access to larger employment hubs such as Atlanta and Columbus. The surrounding market is supported by average household incomes of $57,055 and a renter base that accounts for more than half of local households, reinforcing sustained demand for attainable housing. Proximity to essential retail and services, including Crisp County Elementary School, Cordele Super Market, and Family Dollar, further strengthens the property’s appeal to residents seeking convenience and accessibility.
Beyond the fundamentals, the investment structure centers on the opportunity to generate financial returns and meaningful impact within a close-knit community of approximately 10,500 residents. Cordele, widely recognized as the Watermelon Capital of the World, is experiencing renewed momentum through initiatives such as the Downtown Cordele Incentive Program, designed to stimulate new business formation, preserve local character, and attract workforce growth. As new businesses emerge and economic activity increases, demand for quality housing is expected to follow, positioning Holsey Cobb Village as a critical component of the city’s long-term housing ecosystem.
Through strategic capital improvements and a focused repositioning strategy, investors have the opportunity to enhance operational performance and drive rent growth, and elevate the standard of housing within the community.
Another compelling investment opportunity is located at 1013 Cedar Avenue in Albany, Georgia, featuring 42 rent-subsidized units. Refer to the links section below for additional details.
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- Property Information
- Financials
- Third Party Reports
- Title and Insurance
- Purchase Agreement
- Register To Bid Instructions
Property Facts
| Sale Type | Investment | Building Class | C |
| Sale Condition | Auction Sale | Lot Size | 2.94 AC |
| Type of Ownership | Fee Simple | Building Size | 38,380 SF |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1989 |
| Property Subtype | Apartment | Parking Ratio | 1.15/1,000 SF |
| Apartment Style | Garden | Parcel Number | C08-021 |
| Zoning | R-4 - Residential Multifamily | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.94 AC |
| Building Size | 38,380 SF |
| No. Stories | 2 |
| Year Built | 1989 |
| Parking Ratio | 1.15/1,000 SF |
| Zoning | R-4 - Residential Multifamily |
| Parcel Number | C08-021 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Range
Fairly walkable
40/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
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.
About the Auction Technology
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Auction Contact
Cheri Mascitelli
Contact
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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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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