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Pine Ridge Apartments 333 S Mock Rd 232 Unit Apartment Building $18,000,000 ($77,586/Unit) 7.80% Cap Rate Albany, GA 31705
INVESTMENT HIGHLIGHTS
- $3mm in Capital Expenditures Recently Invested in the Property
- Large Floor Plans with Room to Further Increase Rents on Renewals
- Over 90% of Units Fully Renovated
- 96% Occupied with Strong In-Place Operations
- Attractive Assumable Loan
EXECUTIVE SUMMARY
Pine Ridge Apartments is a 232 unit multifamily apartment complex that has seen significant capital improvements to both the interior and exterior components of the property, with room to further increase rents on renewals and as leases turn over. Interior cosmetic upgrades include new LVP flooring, new cabinets & countertops, black appliances, new fixtures, new electrical and plumbing, and painting.
Albany, GA is a dynamic and growing market with a favorable business climate and strong economic fundamentals. The city’s strategic location and access to major highways make it an ideal hub for business and industry. With continued investment and job growth, Albany offers significant opportunities for real estate investment and development.
Boasting 96% occupancy and large floor plans, Pine Ridge Apartments is a compelling investment opportunity with an opportunity to assume the existing loan. The recent capital improvements, combined with strong rental growth potential and strategic location near key employment centers, position this property for continued success.
Albany, GA is a dynamic and growing market with a favorable business climate and strong economic fundamentals. The city’s strategic location and access to major highways make it an ideal hub for business and industry. With continued investment and job growth, Albany offers significant opportunities for real estate investment and development.
Boasting 96% occupancy and large floor plans, Pine Ridge Apartments is a compelling investment opportunity with an opportunity to assume the existing loan. The recent capital improvements, combined with strong rental growth potential and strategic location near key employment centers, position this property for continued success.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
- Miscellaneous
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $18,000,000 | Building Class | B |
| Price Per Unit | $77,586 | Lot Size | 18.05 AC |
| Sale Type | Investment | Building Size | 246,720 SF |
| Cap Rate | 7.80% | Average Occupancy | 95% |
| No. Units | 232 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1979/2024 |
| Property Subtype | Apartment | Parking Ratio | 1.93/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R6 | ||
| Price | $18,000,000 |
| Price Per Unit | $77,586 |
| Sale Type | Investment |
| Cap Rate | 7.80% |
| No. Units | 232 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 18.05 AC |
| Building Size | 246,720 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1979/2024 |
| Parking Ratio | 1.93/1,000 SF |
| Zoning | R6 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Clubhouse
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Tennis Court
- Package Service
- Renters Insurance Program
- Storage Space
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 80 | - | 688 - 804 |
| 2+1 | 80 | - | 1,044 |
| 3+2 | 72 | - | 1,236 |
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $3,242,600 (2024) | |
| Land Assessment | $78,560 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $3,164,040 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$78,560 (2024)
Improvements Assessment
$3,164,040 (2024)
Total Assessment
$3,242,600 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Pine Ridge Apartments | 333 S Mock Rd
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