Multi-Family•Mid-Rise•For Sale

Midtown Point Apartments

1927 Central Ave, Augusta, Georgia 30904

Sale Price $1,400,000
Sale Type Investment
Zoning Multifamily
Bldg Type Multi-Tenant
Cap Rate 8.24%
Vacancy 86%
Gross Bldg 22,776 SqFt
Land Area 1.39 Acres
Project Size 29
Net Op Inc $115,325
28 Unit Apartment Complex and single family house adjacent to property along Central Avenue. Units are 2BR 1BA Most "C" class apartments in this area are selling for 50-60k per unit. Property has had significant capital improvements over the last few years. All rents are significantly lower than competition in the market. New rents are $750. New management is in place and goal is to have all rents at $750 by the end of 2020. Rents will increase to $850-$900 by end of 2021 to 2022. Minutes away from Augusta University, Medical College of Georgia, the Dental College of Georgia at Augusta University, University Hospital, Paine College and much more. This is one of the hottest housing markets in the region with significant demand. Most "C" class apartments in this area are selling for 50-60k per unit.
12/11/2019 2:01:09 AM 1/17/2020 9:58:32 PM
Joe Edge, SIOR, CCIM
President
Sherman & Hemstreet Real Estate Co.
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