127 S Wayne St 12 Unit Apartment Building $3,250,000 ($270,833/Unit) 5.74% Cap Rate Milledgeville, GA 31061

Opportunity Zone | Fully Renovated Mixed-Use Student Housing Investment – Downtown Milledgeville, GA
Exceptional opportunity to acquire a fully renovated, 100% occupied mixed-use property located in the heart of downtown Milledgeville, within walking distance of Georgia College & State University and Georgia Military College. This asset offers a stable, income-producing investment with strong upside potential in a highly desirable student housing market.
The property consists of 11 residential apartment units and a 2,400 square foot retail space, creating a diversified income stream. The retail suite is leased to The Tee Drive, a golf simulator concept, under a 5-year lease extending through 2030, featuring 3% annual rent escalations.
Unit Mix:
The property features a total of 11 units, comprised of five (5) 2-bedroom/2-bath units, five (5) 1-bedroom/1-bath units, and one (1) 2-bedroom/1-bath unit.
Originally constructed in 1900, the building underwent a complete renovation in August 2025, blending historic character with modern upgrades. The residential units are fully leased and pre-leased through Summer 2027, providing immediate and stable cash flow.
Situated in a prime downtown location with walkable access to campus, restaurants, and retail, the property benefits from consistent tenant demand. The strong location and market fundamentals support continued high occupancy and future rent growth.
This offering is ideal for investors seeking a stabilized, turn-key asset with long-term income security and additional upside in a growing college town.
The Real Estate Agent, Jeff Bodiford, is also an owner of the property. License number 442387