We expect this unique BTR-style Duplex asset to trade around $180k/unit, however, this is a fully marketed deal that will go through a formal CFO and bid matrix. Please do not call to ask if the price is negotiable, the highest offers will go to the Best and Final round.
Available in conjunction with Preston Court TH: https://www.loopnet.com/Listing/878-Hospital-Rd-Commerce-GA/40280576/
All DD/Financials are available for download from the Data room.
This is a unique property; it is the furthest north towards Commerce of any property in Athens (20-minute drive – no turns). This is a big advantage as Commerce currently has a huge housing shortage.
The property is also an excellent product type featuring 100% brick exterior duplexes, large floor plans, huge wooded lots, private patios, private driveways, and your own mailbox. A private hiking trail in the back of the property connects directly to Sandy Creek Park. It feels much more like BTR than traditional apartments.
Third party management is already in place with a 7% management fee model. They do not charge payroll.
Park Oaks
-Built: 2001
-Avg. Unit SF: 1,121
-Occupancy: 100%
-Over $1.1M in Capex Complete
-0 Evictions in Six Years
-11% Rent Growth in 2 Years (Without Renovation)
-Opportunity to Renovate
-Opportunity to Add Amenities