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Waller Group Properties is proud to present this 68 unit property in Augusta, GA. The property is currently operating at an NOI of $325,308 at a 7.07% actual cap. New move in rental rates are $850/month with a proforma NOI of $450,271 at a 9.79% cap rate. This is a turnkey investment with the opportunity to capitalize on newly renovated units in a strong rent growth market. Effective rent growth in Augusta was 6.3% over the past 12 months. Unlevered IRR on this investment is 13.74%.
All roofs were replaced in February 2020 and 5 year roof warranty for all labor and materials will be conveyed at close of sale. 4 units have been fully renovated since the start of 2020, featuring two tone paint, painted cabinets, new cabinet pulls, new bathroom vanity/sink and mirror, low flow toilet, 2" blinds on all windows, solid surface flooring in common areas, electric fixtures face plates, appliance package with microwaves, and countertops. Interior renovations averaging apx. $6,500/unit.
The on-site management structure consists of one manager and one maintenance person. The current manager lives on-site at 2400 Nordahl which is adjoining the property and a single family home, one bedroom was converted to an office and this single family home will convey with the property. Manager and maintenance will stay with property offering a turnkey investment and can manage rehab schedule and complexions. There are two storage buildings on-site for easy, self-contained management.
Location
With a population of over 201,000, Augusta, GA is a growing tertiary market that sits right on the border of Georgia and South Carolina. The economy is driven by the strong military and government presence. Fort Gordon employs over 11,000, but that number will be increasing as the US Cyber Command announced their move to Fort Gordon. This move is expected increase the number of jobs by 250-375 annually at Fort Gordon throughout the next 20 years. This has prompted many defense contractors to open offices in Augusta, including Booz Allen Hamilton, Sabre Systems, and McAulay-Brown. Additionally, the Savannah River Site nuclear reservation currently employs over 13,000 people. The median household income within 1 mile of the property is $44,323. Vacancy rates in the market of 8% over the last 12 months are reaching the lowest point in over a decade. Effective Rent Growth in the area averaged 6.3% over the last 12 months.
Call Logan: 214-736-1500
Full details here: https://wallergrouphomes.com/properties/?propertyId=697113-sale
***** VIEW www.loganwaller.com for off market properties and exclusive listings NOT ON LOOPNET! *****
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