120 Units | 3 Property Multifamily Portfolio | Cordele, GA | 7% Cap Rate
Cordele Portfolio
Cordele, GA 31015
Highlights
- Located in thriving transportation corridor.
- Economic gateway to central South Georgia.
- Below market rents.
- Less than 2.5% vacancy in market. Typically, 95% to 100% occupied.
- Acute housing shortage. More jobs than places to live.
- Workforce labor shortage - workforce income substantially increasing.
- 15 days to evict versus 6 months in metro Atlanta
- Valued at $17,750,000 in a recent 495 pages MAI appraisal report issued by one of the top real estate firms in the world.
Description
Opportunity to acquire recently renovated, typically fully-occupied, class B apartment communities - 36, 36, and 48 units - totaling 120 units (operated as one property, two are adjacent within a mile of the third) in Cordele, GA situated alongside I-75, the busiest interstate in the country and a thriving transportation corridor.
Offered at a 7% cap rate based upon current operations, 9.0% cap rate with market rents. Approximately $1,200,000 has been spent on renovations during the last 18 months. Approximate 109 of the 120 units have been renovated and some currently under renovation or scheduled for renovation.
Cordele, located at the nexus of the nation’s busiest Interstate - I-75 and 4 major rail lines - with a direct connection to the U.S.’s fastest growing seaport and second busiest on the East Coast - Savannah, and the ports of Charleston, Jacksonville, Brunswick; is uniquely situated for economic stability and growth.
The portfolio is located 2 hours via Interstate from Hartsfield-Jackson Atlanta International Airport.
