635 Orange St - Apartments FOR SALE


Macon-Bibb, GA 31201- Downtown Macon
$800,000 USD
404-445-1090
635 Orange St, Macon-Bibb, GA for Sale
$800,000 USD
Apartments - FOR SALE
1/3
null | 6.7% Cap Rate

635 Orange St
Macon-Bibb, GA 31201
Downtown Macon


HIGHLIGHTS

  • This rare offer provides a fully occupied, 9-unit apartment community, with significant interior upgrades completed a few years ago.
  • Investors can benefit from a 24% rental upside to bring the stabilized cap rate up to 8.49%, with an in-place cap rate at 6.7%
  • Proximity to The Medical Center provides consistent demand for rental housing, with numerous recent expansions increasing overall staff headcount.
  • The units average 772 SF, with 7 one-bedroom units, a two-bedroom unit, and a three-bedroom unit with two-and-a-half baths.

OVERVIEW

Matthews Real Estate Investment Services is proud to offer this 9-unit apartment community located at 635 Orange Street in Macon, Georgia. This is an opportunity to purchase a stable apartment community, currently 100% occupied, located near downtown Macon and The Medical Center. This offers an excellent opportunity for an investor to purchase a property with 24% rental upside conservatively to bring the stabilized cap rate up to 8.49%, with an in-place cap rate at 6.7% This community benefits tremendously from its location as most of the tenants are nurses that work at the nearby hospital. Atrium Health Navicent has been actively expanding its facilities and services. Notably, in February 2022, they opened the Beverly Knight Olson Children’s Hospital, a dedicated pediatric facility design to meet the growing demand for pediatric services in the region. Additionally, the Macon Volunteer Clinic, situated approximately 4.4 miles from 635 Orange Street, is set to open a new facility in March of 2025. This facility will offer comprehensive healthcare services, including dental care, primary healthcare, eye care, and mental health counseling. The rapid growth of the area’s medical industry poises nearby rental properties for success as they leverage an inflight of supporting staff members relocating to the area. Broker of Record - Bill Pedersen License No. 80041 (GA) (866) 889-0550

FOR SALE DETAILS

PRICE

$800,000 USD

PRICE/SF

$99 USD /SF

# OF UNITS

9

PRICE/UNIT

$88,889

CAP RATE

6.7%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1880

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,293 SF

ZONING

HR-3

APN/PARCEL ID

Q073-0305

ASK ABOUT THIS PROPERTY

Connor KernsMatthews Real Estate Investment ServicesMore Info
404-445-1090

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

Connor KernsMatthews Real Estate Investment ServicesMore Info
404-445-1090

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