505 13th St
Augusta, GA 30901

104 units. All units are 2 bedroom 2 bath units. Property was originally built for student housing in the late 1980's but has always been market rate since it opened. 4 buildings contain 24 units and a 5th building has 8 units. 56 units have washer and dryer connections and the site has a laundry facility located in the center of all of the buildings. All buildings have new roofs and have had general renovations done in last 5 years. Most of the HVAC units have been replaced in the last few years and the project has seen significant capital improvements. This property could easily be converted to high end apartments that rent for over $1,100 per month. Currently the rents are low even for the B- C+ market. Rents have been slowly being increased over the last 2 years but are still substantially below market. Average rents are $581 currently. Market rent is $750 for these units in "as is" condition. The expense reports include expenses from Sellers other multifamily properties in the same market as well as additional Capex mixed into operating expenses. At 40% expenses on current income without an increase the NOI is over 400k per year. Located in downtown Augusta just a few blocks from the Savannah River. Very close proximity to the new Greenjackets minor league stadium and the new Cyber Center buildings along the river. On the other side you are only a few blocks from the medical community to include the medical college and University Hospital.