800 Northside Drive, Moultrie, GA
Multi-family for Sale - $1,795,000 - 57,000 Sq. Ft. on 10.05 acres
Property Info
| CIMLS# | 97207 |
| Location 800 Northside Drive Moultrie GA 31768 | |
| Updated | June 29th, 2009 |
| Type | Multi-family |
| Price | $1,795,000 |
| Building | 57,000 Sq. Ft. |
| Land | 10.05 acres |
Property Description
This 60-unit apartment community includes a mix of one, two, three and four bedroom units. There is a two-year HUD Housing Assistance Payment contract for all 60 units, which has just been renewed with a 5.5% rent increase. Actual net income for the past 12 months provided a 10.3% cap rate at the current asking price.
With this commitment, the property stays at 97% occupancy, and the new owner can expect a stable source of income.
More than 65% of the windows were replaced during the past year. The property also includes an abundance of grassy areas for the benefit of the residents of the community, and is across the street from a newly expanded and remodeled elementary school.
Contact:
Ernie Eden, CCIM, S.E.C.
404.876.1640 x156
Ernie@BullRealty.com
