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509 North Apartments 509 N Westover Blvd 252 Unit Apartment Building $21,000,000 ($83,333/Unit) Albany, GA 31707
INVESTMENT HIGHLIGHTS
- Recent Full High-End Renovations and Upgrades to Unit Amenities, Exteriors and Common Areas
- Strong Local Demographics: $104,000 Avg. HH Income within a 1-Mile Radius
- Below Market Rents Avg. $227 Per Unit/Mo Below Market Rent
- Economic Growth: Strong Economic Driver Growth Through Agribusiness
- Assumable Debt: Attractive Financing Options Available, Enhancing Cash-on- Cash Returns
- Drone Video: https://www.youtube.com/watch?v=EtLUip5wVYc&t=1s
EXECUTIVE SUMMARY
509 N. Apartments is a 252-unit multifamily community in Albany, Georgia, built in 1987 and recently renovated with modern kitchens and bathrooms, new flooring, updated appliances, and refreshed common areas.
Rents are currently below market, offering upside through operational improvements and rent growth. The property is stabilized and cash-flowing, providing predictable income today.
The surrounding area is strong, with an average household income of $104,000 within 1 mile and a median income of $65,000 within 2 miles, supporting long-term rental demand.
With assumable debt in place, 509 N. Apartments is an opportunity for investors seeking to acquire a stabilized, cash-flowing asset with upside potential in a strong demographic location.
Drone Video: https://www.youtube.com/watch?v=EtLUip5wVYc&t=1s
Rents are currently below market, offering upside through operational improvements and rent growth. The property is stabilized and cash-flowing, providing predictable income today.
The surrounding area is strong, with an average household income of $104,000 within 1 mile and a median income of $65,000 within 2 miles, supporting long-term rental demand.
With assumable debt in place, 509 N. Apartments is an opportunity for investors seeking to acquire a stabilized, cash-flowing asset with upside potential in a strong demographic location.
Drone Video: https://www.youtube.com/watch?v=EtLUip5wVYc&t=1s
PROPERTY FACTS
| Price | $21,000,000 | Building Class | B |
| Price Per Unit | $83,333 | Lot Size | 29.23 AC |
| Sale Type | Investment | Building Size | 186,956 SF |
| No. Units | 252 | Average Occupancy | 87% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1987 |
| Apartment Style | Garden | Parking Ratio | 2.03/1,000 SF |
| Zoning | R6 | ||
| Price | $21,000,000 |
| Price Per Unit | $83,333 |
| Sale Type | Investment |
| No. Units | 252 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 29.23 AC |
| Building Size | 186,956 SF |
| Average Occupancy | 87% |
| No. Stories | 3 |
| Year Built | 1987 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | R6 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- 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
- Playground
- Property Manager on Site
- Tennis Court
- Package Service
- Volleyball Court
- Storage Space
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 58 | - | 686 |
| 2+1 | 72 | - | 850 |
| 2+2 | 122 | - | 969 |
PROPERTY TAXES
| Parcel Number | 040-2-00000-018 | Improvements Assessment | $5,108,120 |
| Land Assessment | $175,360 | Total Assessment | $5,283,480 |
PROPERTY TAXES
Parcel Number
040-2-00000-018
Land Assessment
$175,360
Improvements Assessment
$5,108,120
Total Assessment
$5,283,480
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509 North Apartments | 509 N Westover Blvd
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