PURCHASE PRICE PER THE SELLER OF $11,400,000 PLUS THE BUYER PAID 4% REAL ESTATE COMMISSION
120 Lonnie Ln
Americus, GA 31709
Hillside Manor Apartments · Multifamily Property For Sale
Cape-X is approximately $650,000–$700,000 plus $300,000 in management.
Peachtree (Americus) currently has 34 units newly renovated.
Blueberry (Baconton) currently has 21 newly renovated units.
St. Charles Place (Peppermint Village) in Vienna has nine newly renovated units.
So currently, 64 units are being renovated.
Additionally, there have been installed about 60 brand new, water-efficient toilets and faucets in Peachtree apartments, saving lots of water. Renovated Peachtree laundry room, with brand new washers and dryers (3+3), tenants pay $25 per month, there's an electronic key box on the laundry room door, and the and the code changed monthly.
At Peachtree, the new owner can install separate water meters in each unit and have each tenant pay for their water consumption.
Value-added at Vienna in the 1.5-year charge of regular rents.
202 St. Charles Pl., Vienna, GA, built 1998
120 Lonnie Lane, Americus, GA, built 1995
200 Phliss Cir., Baconton, GA, built 2002
More about Vienna:
The pro forma rent roll in Vienna, due to affordable housing regulations, is $18,470 per month, not including late fees. Also, each year, the owner can request an increase, typically around 5%. The program expires in about 19 months, at which point the office can be converted into an additional 1-2 rental units, and the rents can be increased as well.
Peppermint Village, aka St. Charles Place, has had renovations of 9 renovated units (new flooring, paint, etc.). My previous office manager left towards the end of last year. I hired another office manager starting Feb. 1st, which explains why collections were very low in January but were almost completely recovered retroactively. I am also evicting a handful of tenants, but overall, the vast majority of tenants pay on time.
Remember that affordable housing conditions expire in about 1.5 years, and at that point, the office can be converted into 1-2 units (the outside structure is identical to the homes; it just needs internal renovations to turn it into a residence or two).
It is a quiet, gorgeous cul de sac and only 1 mile from Interstate I-75, one of the biggest arteries in Georgia, going from the southern end of Florida and all the way up to Detroit, Michigan (especially great homes for truckers).
The potential here is great because the overhead is extremely low and market rent increases are just around the corner, typically $125–$225 per month per unit
Some additional information that the buyer might want to know:
1) The property is in the city of Vienna
2) There is public water and sewer
3) Electricity provided by Georgia Power
4) City Police
5) There is a volunteer fire department located 1.5 miles down the road from the property
6) The bank currently financing the property is Citizens Bank of Americus, and even though the loan is not assumable, their loan rates are significantly lower than the other lenders in the area. The reason for this is that they have financed this property for the past 3 owners (current owner included), and they are extremely comfortable with the property and it's underwriting.
7) The current owner manages the property
8) There has been approximately $40,000 of capex, mainly in new flooring and new HVACs, in the past 24 months.
