Buy&Hold (Multifamily): (232 Units) 333 S. Mock Rd, Albany, GA + AVAILABLE
- Mar 26, 2023
- 2 min read
Updated: Jan 20, 2024
Multifamily Investment Opportunity
Price
16,240,000
232 Units
Great opportunity to invest in the city of Albany, GA. This property is a 232 unit apartment complex is located on 18.05 acres. Built in 1980 and renovated from 2019 - 2022. The entire parcel includes 20 Residential buildings and 4 Amenity structures. Average unit size is 1,028 square feet. Includes 470 Regular parking spaces and 5 accessible spaces. There is a clubhouse, laundry facility, two swimming pools and four tennis courts. The property is professionally landscaped. All units are cable and internet ready, ceiling fans, extra storage on balcony, laundry/utility closets, patio or balcony, washer & dryer connections. Owner handles water, pest control and trash removal. Cap Rate is currently 8.2% and the Pro Forma Cap Rate is 10.1%. Please submit your offer directly to sarter@promiselandrealtyllc.com
DEAL HIGHLIGHTS
SIGNIFICANT CAPITAL IMPROVEMENTS
Current ownership has invested approximately $787k in Pine Ridge in 2022. They will continue the interior upgrades of the units up until the sale.
ROOM TO ELEVATE IN-PLACE VALUE-ADD
A new investor has the opportunity to finish the inplace renovation program, boost renovations another level and organically push rent.
CLOSE PROXIMITY TO EMPLOYMENT
Pine Ridge is just a half mile south of major thoroughfare E. Oglethorpe Blvd. (21,900 VPD), and near major job drivers including Proctor & Gamble, Georgia Pacific, Miller Coors, Phoebe Putney Hospital, and the Marine Coorps Logistics Base.
STRONG MARKET FUNDAMENTALS
During the past few years, there has been an influx of capital into the Albany market, spurring average projected rent growth to $740 after current rents reached an all-time high. Future job growth is projected to be higher than the national average.
ALBANY’S ROBUST ECONOMY
Due to its low cost of living and doing business, excellent highway access, and anchors in resilient industries, Albany continues to attract new jobs and maintains its position as a strong Georgia market.
UNDERWRITING ASSUMPTIONS
INCOME
- 15% vacancy assumed year 1
- 10% vacancy assumed on pro forma (conservative). Market average = 93%
- Stabilized pro forma market rents
- 1-year average rents to increase $100 conservatively EXPENSES - 3% inflation assumed on all operating expenses annually DEBT
- Typical debt quote for asset type
- Current loan is non-assumable MISCELLANEOUS INCOME - Forecasted other income includes application fees, late charges, early termination fees, pet fees and rent, and other such sources. PAYROLL - Payroll is based on the appropriate staffing levels and compensation standards in the Albany market for a FT Property Manager and FT Maintenance Supervisor.
"Your #1 Source for Off Market Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*
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