1014 Gordon Ave Adel, GA 31620
Listing Courtesy of: VALDOSTA/SOUTH GEORGIA / Coldwell Banker Premier Real Estate / John Courson

  1014 Gordon Ave Adel, GA 31620

Active (295 Days)
$1,999,000
30,684
SQFT

Description

Solid investment for 32 doors with larger units and proven rental history in Adel, GA. 8 brick buildings containing Four 2BR/1BA units each. 960 sq ft per unit consists of big bedrooms and bathroom, separate LR, dining and kitchen spaces. Walk-in closets, W/D hookups, individually metered for power / water, totally electric. Units separated by common breeze way for entry to limit neighbor noise. Sellers have updated more than 1/2 of the units with new tops, fixtures, paint, flooring, appliances, etc as needed when the units turn. Average rent is $715/month currently with all below market tenants getting bumped to $750 effective 04/01/2024. Market rents trending to $800/month with units leasing up as soon as they turn. 5.24 acre site allows for plenty of greenspace and potential additional development with shared parking already in place. Adel is small-town market but has pro-growth vision and leadership. Turnkey income in place, $750/month rent with 35% operating expense factor is with 9.36% proforma cap rate (7.4% in place cap with current P&L).

MLS #:
134884
Lot Size
5.24 acres
Type
Multifamily
Year Built
1984
County
Cook County

Listed By

John Courson, Coldwell Banker Premier Real Estate, Contact: 2292443535
Source
VALDOSTA/SOUTH GEORGIA
Last checked Mar 5 2024 at 8:41 AM GMT+0000
Bathroom Details
Subdivision
  • South Adel
Property Features
  • Foundation: Slab
Heating and Cooling
  • Central Air
  • Electric
Basement Information
  • No
Flooring
  • Tile
  • Vinyl
Exterior Features
  • Brick Veneer
  • Frame
  • Roof: Shingle
Utility Information
  • Utilities: Public
  • Sewer: Public Sewer
Parking
  • Guest
  • Driveway
  • Other
Stories
  • 1
Additional Listing Info
  • Buyer Brokerage Commission: 2.7
Location
   
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Listing Price History

Date
Event
Price
% Change
$ (+/-)
Sep 28, 2023
Price Changed
$1,999,000
-7%
-151,000
Disclaimer: Copyright 2023 Valdosta Board of Realtors. All rights reserved. This information is deemed reliable, but not guaranteed. The information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated 7/21/23 09:29