2501 Redwood Ct - Stuart Place Apartments 21 Unit Apartment Building Offered at $1,775,000 at a 8.11% Cap Rate Albany, GA 31707

Very well maintained 21 of 44 condo units (15 of 21 fully remodeled) in an association run by the 21-unit owner as President and with voting majority. All units are 2-bedroom 1.5 bath units boasting 1,120 SF each and averaging nearly $1,100/month rents at only $84.5k/unit comes out to an 8.0% cap rate! Tell me where you’re finding that kind of return these days? The seller owns units in 10 of the 11 buildings and the HOA is healthy financially.
The value add here is many fold. There is a vacant lot that can be built upon or used as an Amenity by acquiring from the HOA at a nominal amount. While the average in place rent is $1,083 there is in-place proof to add furniture, washers/dryers, and utilities for a profit arbitrage on top of that. Since most of the tenants have been there for many years and are MTM, these changes can be implemented quickly. All the units have washer dryer hook ups already. Also, the old pool house building (pool has since been filled in and landscaped over) could be rented for storage by the HOA, thus reducing HOA fees to all. The old tired tennis courts could be revived to pickleball courts to create more stickiness in lease duration of the tenants. Lastly, there is still 5 units left to renovate.