100-202 Oak Bluff Dr - Apartments FOR SALE


Athens, GA 30607- North Athens
$7,200,000 USD
404-654-2347
100-202 Oak Bluff Dr, Athens, GA for Sale
$7,200,000 USD
Apartments - FOR SALE
1/26
null | 6.7% Cap Rate

100-202 Oak Bluff Dr
Athens, GA 30607
North Athens


HIGHLIGHTS

  • Surrounded by Growth: Park Oaks sits on the border of Clarke and Jackson County, allowing benefit of growth from Athens & Commerce
  • Large 2BR and 3BR units with private driveways & private patios. Also, a private hiking trail that connects to Oxbow Loop in Sandy Creek Park
  • New ownership will benefit from over $1.1M in capex over the last six years. Including new roofs, water heaters, HVACs, and pavement.
  • The property has filed zero evictions in 6years, has averaged 97% occupancy over 26 months, and 50% of residents have been at the property 3+ years
  • Over the last 26 months in-place rents have moved from $1,290 to $1,431, an 11% increase, while keeping nearly perfect occupancy and no interior renos
  • Current ownership has renovated one unit interior and achieved a $175 premium.

OVERVIEW

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

FOR SALE DETAILS

PRICE

$7,200,000 USD

PRICE/SF

$156 USD /SF

# OF UNITS

40

PRICE/UNIT

$180,000

CAP RATE

6.7%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Park Oaks

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2001

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.17 AC

LAND SF

50,965 SF

ZONING

C-R

APN/PARCEL ID

153A1-A-013,153A2-A-001,153A2-A-002,153A2-A-003,153A2-A-004,153A2-A-005,153A2-A-006,153A2-A-007,153A2-A-008,153A2-A-009,153A2-A-010,153A2-A-011,153A2-A-012,153A2-A-013,153A2-A-014,153A2-A-015,153A2-A-016,153A2-A-017,153A2-A-018,153A2-A-019,153A2-A-020,153A2-A-021

ASK ABOUT THIS PROPERTY

Ian ShawBerkadia Real Estate AdvisorsMore Info
404-654-2347

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Ian ShawBerkadia Real Estate AdvisorsMore Info
404-654-2347

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.