Asking Price: $1,000,000
Building Size: 20,400 SQ FT
Lot Size: 65340
Cost per Square Foot: $49.02
Cap Rate: 9.44%
KW Commercial exclusively presents this attractive investment opportunity. Lavista Apartments are located approximately 1.5 miles from Fort Valley State University. The units are 100% occupied by students attending the University. Student population is close to 4,000 students with 85% receiving financial aid. With the campus being Georgia’s second-largest public university in the area, only one-third of the total enrolled full time students live on campus leaving the remaining students to find apartment rentals nearby. Lavista Apartments consists of three buildings: 101 Brooke Blvd - 6 units; 702 Elberta Street - 5 units; and 615 Elberta Street - 10 units. All units come furnished with appliances, bed, dresser, sofa, chairs, table, washer and dryer. In addition to the 3 buildings, parcel F05A-331 has available land to construct an additional building to further increase investment revenue. The current owners have owned the property since building in 1990.
Key Points: 12.2% Cap Rate 21 furnished units 3 Buildings with potential to add another 1.5 mile commute to Fort Valley State University Currently leased 100% to students 14 minute commute to I-75 15 mile commute to Warner Robins Air Force Base
Parking: 1.96 spaces per 1,000 sq. ft.