My Office's Sold Listings

Some or all of the listings below are provided by the Premier Real Estate office.
$4,500,000
Sold

Valdosta Area Multi-Family Home

Sold

2415 Seth Place Valdosta, GA 31602

2 Bed
12 Baths
52328 sqft
Virtual Tour
Excellent and rare opportunity to own a mid-sized multi-family complex in rapidly growing Valdosta / South Georgia market! 56 doors across 8 buildings - each 2BR/2.5BA townhome style units all with same floorplan - both bedrooms with private baths upstairs with living/dining, kitchen and 1/2 bath downstairs. Flooring is carpet and tile, kitchens have pantry for storage, real wood cabinets, refrigerator, micro-hood, electric range and dishwashers. W/D hookups in each unit, all totally electric. Efficient 930 sf unit footprints allow for easy turns when tenants move out, while no on-site amenities also keep costs at minimum. Great curb appeal with common area greenspace / landscaping make it easy to tell this property has been well-kept by owner/seller who developed many properties in this nice neighborhood. Each unit individually metered for power/water - tenant responsibility. Plenty of parking for residents and guests. Would be very easy to bump rents to achieve proforma cap rate of 7.31% (35% OPEX) with market rents of just $795/door. Current average rent is already $732/door with several long term residents at well below market rental rates. 95% occupancy now and is usual. Professional property management in place now has this property running well and ready for your investment!
Listing Courtesy of VALDOSTA/SOUTH GEORGIA / Coldwell Banker Premier Real Estate / John Courson
$1,296,000
Sold

Vienna Area Multi-Family Home

Sold

409 Woodward Street Vienna, GA 31092

5 Bed
8 Baths
32772 sqft
Virtual Tour
If you wanted to look up what value-add meant in the multi-family world, this property would pop up wherever you searched! 36 doors total --- Twenty 3BR/2BA flats, Fourteen 2BR/1.5BA townhomes, and Two 2BR/1BA flats over 6 buildings all on one parcel! Excellent curb appeal, lots of greenspace, professional landscaping, and plenty of parking will attract and impress tenant prospects at first glance. Each unit is individually metered for power and gas, water is on one main meter and included in the rent currently. Interiors are well-worn and need overhauls to floor covering, wall covering, cabinets, appliance and fixture packages etc. Some units need more TLC than others. 7 out of 36 units currently rented because the property came out of the state of Georgia tax credit program and the remaining tenants are long-term residents. Property previously had an office / clubhouse that is no longer on site but could be re-built on existing slab. Rarely will you see a property with this much potential at just over $30K per door, so if the value-add play is what you want or know how to do, this is a true diamond in the rough! Conservative market rents at $695 for 3's and $595 for 2's will put this potential monthly gross at $23,420. Capital expenditures and time to cure / stabilize will vary with each investor but this shapes up to be a 10%++ cap anyway you project it so this one won't last long! Rent Roll / Financials / Projections available to qualified prospects with pre-approval or proof of funds documentation. Vienna, GA is located on Interstate 75 in mid-southern part of Georgia between larger markets of Macon to the north and Tifton / Valdosta to the south.
Listing Courtesy of VALDOSTA/SOUTH GEORGIA / Coldwell Banker Premier Real Estate / John Courson