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MLS Number:
134884
List Price:
$1,925,000
Bedrooms:
# Full Baths:
# Partial Baths:
Area:
8-Cook County
Historic District:
Direction:
S
Street #:
1014
Street Name:
Gordon Ave
City:
Adel
State:
GA
Zip Code:
31620
Garage Dimensions:
Carport Dimensions:
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Heating:
Central, Electric
Cooling:
Central Air, Electric
Water:
Public
Appliances:
Refrigerator, Electric Range
Recreation:
Year Built:
1984
HOA Fee:
No
HOA Fee $:
Interior Features:
Blinds, Other
Exterior Features:
Other
Parking:
Guest, Driveway, Other
Pool:
Restrictions:
Property Type:
Multi Unit
Property Description:
Solid investment for 32 doors with larger units and proven rental history in Adel, GA. 8 brick buildings containing Four 2BR/1BA units each. ±960 sq ft per unit consists of big bedrooms and bathroom, separate LR, dining and kitchen spaces. Walk-in closets, W/D hookups, individually metered for power / water, totally electric. Units separated by common breeze way for entry to limit neighbor noise. Sellers have updated more than 1/2 of the units with new tops, fixtures, paint, flooring, appliances, etc as needed when the units turn. Average rent is $715/month currently with all below market tenants getting bumped to $750 effective 04/01/2024. Market rents trending to $800/month with units leasing up as soon as they turn. ±5.24 acre site allows for plenty of greenspace and potential additional development with shared parking already in place. Adel is small-town market but has pro-growth vision and leadership. Turnkey income in place, $750/month rent with 35% operating expense factor is with 9.72% proforma cap rate.
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