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56 Unit Multifamily Asset in Cartersville, GA | 6% Cap Rate

390 Old Mill Rd
Cartersville, GA 30120
PRICE : $5,650,000
CAP RATE: 6%
PROPERTY TYPE: Multifamily
SITE SIZE: 2.75 Acres
UNITS: 56
YEAR BUILT: 2002

Highlights

  • 56-unit identical 2 bed/2 bath stabilized multifamily asset in Cartersville, GA
  • 6% cap rate
  • Below market rents average $724/month with waitlist at $775
  • Only 11 of 56 units at the current street rent of $775 per month
  • 100% occupied for many years; leasing office generating 15-20 calls per day
  • Large, ± 1,200 SF units feature spacious bedrooms & bathrooms, separate dining rooms & living rooms, large walk-in closets & laundry rooms with washers/dryers available for lease
  • All units individually metered for water and electric
  • Amenities: central HVAC, balconies, ceiling fans, dishwashers, disposals, hardwood & tile floors, oak-finished cabinets, cable-ready, outdoor grills
  • Constructed in 2002 | Five year old roof

Description

Hannah Apartments in Cartersville, Georgia provide investors with the stability of a multifamily asset that has been 100% occupied for years with the upside of a value-add investment. Steadily increasing rental rates in Cartersville have positioned this property with below market rents with the average unit currently leasing at $724 per month. With 56 identical two bedroom, two bath units and a waiting list at the current rate of $775, the asset's net operating income may be improved by almost 8% during 2018 as leases turn over.

All units are approximately ±1,200 SF and feature spacious bedrooms and bathrooms, separate dining rooms and living rooms, and large walk-in closets. Each residence has tile and hardwood floors, central HVAC, a patio and a laundry room with washer and dryer available for lease.

Call for offers deadline is Friday, May 25, 2018.

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