SIGNIFICANT INTERIOR RENOVATIONS: Current ownership has already partially or fully renovated 36 of the property’s 102 units. New ownership has the opportunity to renovate the remainder of the units to potentially increase Net Operating Income.
AMPLE GREEN SPACE: Huntingdon sits on over 10 acres, much of which is currently not built on. New ownership could potentially use the space to construct additional amenities such as a Fitness Center, Volleyball Court, or Dog Park. New ownership could also potentially construct additional units in order to add value to the property.
ALBANY IS A RENTER-DOMINATED MARKET: According to the US Census Bureau, owner-occupied housing units are 38.5% in Albany compared to 63.8% in the US, leaving a large majority of the population in the rental market.
PROXIMITY TO ALBANY DEMAND DRIVERS: Huntingdon’s ideal location within Albany provides its tenants convenient access to the market’s largest economic drivers, including:• Marine Corps Logistics Base Albany (5,000+ jobs)• Phoebe Putney Health System (3,500 jobs)• Albany State University (600+ jobs / 6,615 enrolled)• Albany Mall (871,956 SF / Belk, Dillard’s, JCPenney)
INTERIOR RENOVATION SUMMARY
Current ownership at Huntingdon has partially or fully renovated 36 of its 102 units. This provides new ownership the potential to push rents on renovated units and decide on the ideal upgrades for the remainder of the units. A description of the renovations are included in the table below:
FULLY-RENOVATED UNITS (13):• Plumbing• Hot Water Heaters• Stainless Steel Appliances• New Kitchen Cabinets• New Bathroom Cabinets• New Vinyl Plank Flooring• New Carpet• New Light Fixtures• Adjusted walls for more Open Floor Plan
PARTIALLY RENOVATED UNITS (23):• Vinyl Plank Flooring
