High-Occupancy Le Mans Apartments | 415 Northside Dr
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High-Occupancy Le Mans Apartments 415 Northside Dr
56 Apartment Units Online Auction Sale Valdosta, GA 31602
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Investment Highlights
- PROPERTY TOURS THURSDAY 11/14 - CONTACT CONNOR KERNS TO SCHEDULE
- Prime site along a critical commercial corridor with robust surrounding amenities, including Walmart Supercenter, Publix, Winn-Dixie, and Big Lots.
- Located near Valdosta State University, a 12,000-student college that drives demand for nearby rental accommodations.
- Le Mans Apartments at 415 Northside Drive presents investors a unique opportunity to acquire a high-occupancy property with turnkey cash flow.
- Rare value-add opportunity for a new investor to capitalize on 83.3% occupancy to increase top-line revenue targets via lease-up and rent increases.
- Favorable multifamily demographics include a growing population of 75,000 people, of which 57% rent as their primary form of housing.
Executive Summary
The Le Mans Apartments community, located at 415 Northside Drive in the growing city of Valdosta, Georgia, presents the market with an excellent opportunity to acquire a high-occupancy apartment complex with value-add upside. The property spreads eight buildings, including seven with units and one dedicated leasing office. Overall, 56 units on the property come in three-, two-, and one-bedroom layouts, appealing to a wide range of potential renters, including families. Units include spacious living areas, private bedrooms, storage, and a full kitchen range with a dishwasher. The garden-style apartments are currently 83.33% leased, offering new ownership immediate cash flow with a committed tenant roster. The complex offers value-add upside via the lease-up of the remaining available units and the gradual improvement of units to raise rents to the premium market levels in Valdosta.
Located in the heart of South Georgia, Valdosta is a vibrant community and the home of Valdosta State University, a 12,000-student public university. The college not only brings the community together for cultural events, football games, and education, but it also helps to provide an excellent landscape for apartment complexes to serve the student body's housing needs. Valdosta hosts a bevy of year-round events for the community, including the famous Azalea Festival hosted to honor the city's gorgeous flower-filled landscape. The Le Mans Apartments are in a prominent commercial corridor of the city, with nearby amenities such as Walmart Supercenter, Winn-Dixie, Big Lots, Publix, and more, providing easy access to daily needs shoppers for the renters in the community. Demographics in this area include a growing population of 75,000 people within a 5-mile radius around the property. This population earns roughly $55,000 per household annually and heavily favors renting versus home ownership. Nearly 57% of the population currently rents as their primary form of living accommodations, creating incredible demand for available units.
Do not miss the opportunity to acquire the Le Mans Apartments complex, which provides new ownership with turnkey cashflow and value-add upside.
Property tours are available by appointment only. Please contact the broker to schedule.
Located in the heart of South Georgia, Valdosta is a vibrant community and the home of Valdosta State University, a 12,000-student public university. The college not only brings the community together for cultural events, football games, and education, but it also helps to provide an excellent landscape for apartment complexes to serve the student body's housing needs. Valdosta hosts a bevy of year-round events for the community, including the famous Azalea Festival hosted to honor the city's gorgeous flower-filled landscape. The Le Mans Apartments are in a prominent commercial corridor of the city, with nearby amenities such as Walmart Supercenter, Winn-Dixie, Big Lots, Publix, and more, providing easy access to daily needs shoppers for the renters in the community. Demographics in this area include a growing population of 75,000 people within a 5-mile radius around the property. This population earns roughly $55,000 per household annually and heavily favors renting versus home ownership. Nearly 57% of the population currently rents as their primary form of living accommodations, creating incredible demand for available units.
Do not miss the opportunity to acquire the Le Mans Apartments complex, which provides new ownership with turnkey cashflow and value-add upside.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
Property Facts
| Sale Type | Investment | Lot Size | 3.22 AC |
| Sale Conditions | Auction Sale | Building Size | 40,200 SF |
| No. Units | 56 | Average Occupancy | 83% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1972 |
| Apartment Style | Garden | Parking Ratio | 2.29/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 56 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.22 AC |
| Building Size | 40,200 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.29/1,000 SF |
PROPERTY TAXES
| Parcel Number | 0112A-049 | Improvements Assessment | $433,571 |
| Land Assessment | $412,776 | Total Assessment | $846,347 |
PROPERTY TAXES
Parcel Number
0112A-049
Land Assessment
$412,776
Improvements Assessment
$433,571
Total Assessment
$846,347
zoning
| Zoning Code | C-N |
| C-N |
Sale Advisor
Sale Advisor
Connor Kerns, Vice President
(404) 445-1090
Contact
Connor specializes in the disposition and acquisition of multifamily properties nationwide, specifically in the Atlanta MSA and surrounding submarkets. Leveraging his comprehensive market knowledge and unrelenting work ethic, Connor delivers unprecedented results for his clients by redefining their expectations for their investment goals. Connor has forged relationships with national industry experts, private investors, developers, and institutions.
Prior to joining Matthews™, Connor was a part of the corporate finance team for Nationwide Insurance. Here, he polished his analytical skills by evaluating financial packages for the specific region to aid his coworkers in decision making and implementing various strategies.
Prior to joining Matthews™, Connor was a part of the corporate finance team for Nationwide Insurance. Here, he polished his analytical skills by evaluating financial packages for the specific region to aid his coworkers in decision making and implementing various strategies.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X Commercial, LLC Jessica Anne Figueroa RE Brkr 75044. Ten-X Commercial, LLC Arlene Richardson Auction Firm AU003185
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Connor Kerns -
Matthews Real Estate Investment Services
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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