This 8 unit value add apartment complex features 8 1bd 1ba rooms and is currently fully occupied grossing 2,200 a month. This property is significantly under priced compared to any other multi families in the town of Albany coming in at just 27,500 a door. With cosmetic rehab property could bring in 4,800+ in monthly gross income. Property is currently self managed by the seller but there are many options for local property management.

Albany Population: 70k 

8 x 1br apartments.

$275/mo unit ($2200/mo total)

Market rent probably ~$600+

New roof 2017.

Plumbing good shape

Structure is mostly concrete block

Electric heaters in good condition

No AC (tenants provide that)

Metered water, gas & electric

Tenants pay all utilities

New electrical panels in all the units

Did tile work in all of the units

Windows have not been replaced

Built in 1955

Inside units have tile and carpet

Water heaters were updated

Each unit has it's own water heater

There is gas on the property

New roof and added insulation

Water sewer and garbage is paid by tenants

Water is metered by each unit

Leases are month to month

pvc galvanized plumbing

tenants pay cash or paypal

Each unit is 450 sq ft

Tenants own all utilities 

Known repairs/value add items

We determine around an 80k Rehab budget but exact numbers and work to be done is the responsibility of the buyer.

Full exterior paint

New windows

Fascia board replacement

Exterior concrete work

Parking space work

Landscaping

Interior updates throughout all units

Current Cap rate: 7.9

Cap rate with 80k rehab and $600 market rents : 14.9

Median sold cap rate in Albany is 7.1 in the last year

Geographical and Cultural Significance: Albany is the county seat of Dougherty County and is recognized as the primary trade center for Southwest Georgia. It's located in the Plantation Trace region, at the head of the Flint River, about 182 miles south of Atlanta. This geographical positioning potentially makes it a strategic location for various businesses and trade activities​

• Albany, Georgia, is home to Albany State University, known for a wide range of programs and the highest tuition in the area; Darton State College, serving 5,623 students with a focus on health sciences; and Albany Technical College, specializing in vocational and technical education for 3,022 students, noted for its affordable tuition.
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• Albany, Georgia hosts the Phoebe Putney Health System, a prominent non-profit that delivers healthcare across 41 counties. The system features Phoebe Putney Memorial Hospital, a major healthcare center in Albany, and includes two additional hospitals and over 20 clinics.
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