Available For Sale - Multifamily

64,946 SF | Show Pricing $

LISTED BY

Jonathan Aceves CCIM MBA
Meybohm Commercial Properties,

AVAILABILITY DETAILS

Size
64,946 SF
Price/SF
Show Pricing $
Listing ID
SA532520
Notes
The Finem Group at Meybohm Commercial is proud to present this Affordable Multifamily 59-unit Apartment Complex in Augusta, Georgia. The property is located in Downtown Augusta next to the Sibley and Kings Mill redevelopment projects. The property was previously a Low-Income Housing Tax Credit property, and is in the de-escalation period, with use restrictions expiring in 2032. The restrictions require 20% of the units to be affordable (rented to section 8 tenants). The property features 59 units: 7-studio, 7-one-bedroom, 11-two-bedroom, and 34-three-bedroom.



The investment opportunity is comprised of three apartment buildings with a total of 59 units and totaling 64,946 square feet. All three buildings have a beautiful brick exterior that is in good condition along with all the roofs being replaced in 2022. Additionally, there were some new windows installed in the three buildings. Otherwise, all the units are currently vacant and will require full renovations including HVAC units, water heaters, cabinetry, countertops, and appliances. Finishes will need updating, new paint throughout, new flooring and baseboards, new windows, new lighting, and new doors. This investment makes for a great strategic value-add strategy.



This property has an ideal unit mix with over 58% of the units having 3 bedrooms. These units would be a great opportunity for families to move into given its close proximity to Salvation Army’s Kroc Center and the Boys and Girls Club.
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Jonathan Aceves CCIM MBA, Meybohm Commercial Properties
BRE# 285735