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OM09. 410 UNIT MULTI-FAMILY ASSET, 75 Occ. , 10% CAP, Jones Boro, Georgia, Asking Price: $10.6M

Purchase price is FIRM $10,600,000 (under @ $26k/unit)

  • Highland vista apartment, 410 units
  • Market value of highland vista apartments is above $13,000,000 the fair market value-a substantial discount plus a 10%+ cap rate)
  • Highland vista is a class c performing asset in a middle class, class c neighborhood, built in 1970 and substantially renovated in the 1990s         Rental square footage is 416,000
  • Available appraisal that was taken in March of 2014, shows an appraised value of $11,500,000
  • The fair market value is approximately $13,000,000 ($31,800/unit)
  • On another "like" asset (similar area) owned by this seller. The seller has been offered over $31,000/unit by a major airline for employee housing at Hartsfield International.
  • The appraised value today would be higher given higher occupancy rate, higher monthly rent & slightly stronger economy
  • Situated on a spacious 35 acres
  • Current occupancy is approximately 75%
  • There are 1 bedroom-1 bath units that are 900 square feet, 2/1.5 units are 1,040 square feet and 3 bedroom/2.5 bath units are 1,400 square feet
  • Gross income actual in 2013 was $1,700,928 and has increased as the occupancy has increased as the rent has increased
  • The approximate cap rate at 75% occupancy is in excess of 10%
  • The NOI is in excess of $1,050,000
  • The location is very convenient to schools, public transportation, restaurants and entertainment venues, major employment centers and major highways 

Serious buyers only! Seller requires LOI, signed NDA, and disclosure of how the buyer will provide proof of funds on all OM properties.

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