Value-Add Multifamily | 120 Units | Age-Restricted | Atlanta MSA
4711 Bishop Ming Boulevard
Stone Mountain, GA 30088
Highlights
- ±10.16 Acres
- Built in 2005
- Current occupancy around 90%
- Appraised for $12,200,000 in 2020
- Pricing guidance: $7,850,000
- Unit mix: 6 studios, 48 one-bed/one-bath, 48 two-bed/one-bath, 18 two-bed/two-bath
- Five water-damaged units are not included in existing 6.5% cap rate. They are currently under renovation
- Below Land Use Restrictive Covenant (LURC) ceiling rents and above-market expenses due to mission-driven ownership
- Conveniently located near healthcare, retail centers, and major transportation routes
- Offers considered when presented
Description
Bull Realty is proud to offer the opportunity to acquire Antioch Manor Apartments, a 120-unit age-restricted community with rent restrictions. The facility is well-occupied providing investors immediate cash flow, while also offering multiple value-add components. The property is owned by a church and has experienced above market operating expenses. Additionally, the pastor has kept rents low with a biblical hesitancy to charge market rents. An experienced operator should be able to get operating costs in line with market and rents up to program limits.
The current NOI does not include income from five water-damaged units which are being repaired. The proforma NOI on page 6 includes income from these units, capturing the full stabilized potential.
This property is located in Stone Mountain, GA.
