2354 Pine Cove Cir | Gainesville, GA 30504
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2354 Pine Cove Cir
Gainesville, GA 30504
Pines of Lanier Apartments · Multifamily Property For Sale · 157 Units
Investment Highlights
- Current NOI is $1,330,000. That is above a 5.5% cap on a whisper price of $24,000,000
- Bad debt currently only 2.5%. Historically, this has been below 0.15%.
- Good basics: 100% electric, Pitched Roofs, No Poly, No Alum Wiring, on major corridor, Browns Bridge Road (28k cars a day)
- Hall County: One of the Ten Fastest Growing Co's in the US per multiple services such as Milken Inst., Site Selection Mgmt. Good location for growth
- Proven Value Add if $100-$200 depending on floor plan. 76 units completed. The rest remain classic. Est cost of reno is $8000 a unit.
- Additional upside in NOI, and future supplemental debt from agency. Stable and growing collections. Immediately qualified for Agency debt
PROPERTY FACTS
| No. Units | 157 | Building Size | 87,003 SF |
| Property Type | Multifamily | Average Occupancy | 96% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1985 |
| Building Class | C | Parking Ratio | 3.45/1,000 SF |
| Lot Size | 7.72 AC |
| No. Units | 157 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 7.72 AC |
| Building Size | 87,003 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 3.45/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Heating
- Tile Floors
- Double Vanities
- Eat-in Kitchen
- Refrigerator
- Range
- Tub/Shower
- Sunroom
Site Amenities
- Laundry Facilities
- Property Manager on Site
- Car Wash Area
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | 363 |
| 1+1 | 102 | - | 509 - 551 |
| 2+1 | 48 | - | 653 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $6,320,438 | |
| Land Assessment | $79,564 | Total Assessment | $6,400,002 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$79,564
Improvements Assessment
$6,320,438
Total Assessment
$6,400,002
zoning
| Zoning Code | L-I |
| L-I |
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