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3077 - 3081 Parrish Road - Wintergreen Apartments, Augusta, GA

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3077 - 3081 Parrish Road - Wintergreen Apartments

Augusta, GA 30907-0348 - Westside MF Submarket

Property Type:Multi-Family Number of Units:12 Status:Existing Year Built:1983
Stories:2 Building Size:12,090 SF Land Area:1.41 AC (61,420 SF)
For Sale Price:$547,700 Price/Unit:$45,641.67 Cap Rate:8.78 % GRM:-

Parking:2.15 Parking Spaces / 1,000 SF

Property Description:
This small apartment complex was built in 1983 with an effective year built of 1990. All units are 2 BR and 1BA. There are 3 building of 4 units each. The property is 1.41 acres and consists of 3 contiguous parcels.

There is a small common area utility bill and the owner also pays for garbage removal and landscaping. There is a gazebo and water fountain on the property as well. There is plenty of parking and no differed maintenance. There are apartments in the area however occupancy stays over 95% in the area. This property has maintained an even higher occupancy rate due to having below market rents. Fair market rates would be close to $600 with $635 being the top of the market and $575 being at the bottom.
Location Description:
The property is next to one of the best high schools in the county (Westside) and is in high demand due to a lack of affordable housing in the area. The property is contiguous with the schools property as can be seen from an aerial view.

Sale Notes:
Wintergreen Townhomes offers investors a quality cash-flowing asset in the robust, growing Augusta, GA MSA. Priced competitively at an 8.78% CAP on the T12 financials, this property has initial upside to the first-time or seasoned investor. The owners have recently begun a rent bump program, moving from $575 to $650 on new leases - 11 more leases to renew at the increased rental rate. The property consists of three buildings with four townhouse units per building. They are 2 bedroom, 1.5 bath units with roughly ~1000 SQFT of rentable SQFT per door. Units include back patios that are fenced in. Ample parking for tenants as well. Owner has recently invested in the property to complete 2 of 3 roof replacements. Owners are currently repairing the soffit, fascia, and gable ends with new wood and paint where necessary. Call today to schedule a property tour.

Collier Management Company, LLC
Jordan Collier
(706) 863-8182

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