Lee Street Apartments
5 Unit Apartment Building | $465,000 ($93,000/Unit) | Thomaston, GA 30286
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $465,000
- Property Type
-
Multifamily
- Square Feet
- 5,742 SF
Listing Contacts
Cliff Lantz
Verified Profile
- Property Info
Property Overview
PLEASE DO NOT DISTURB RESIDENTS - SHOWINGS & INSPECTIONS WILL BE SCHEDULED AFTER THE PARTIES ARE UNDER CONTRACT. 5-unit townhome-style apartment complex located at the intersection of E Lee St and Oglethorpe Way. 4 units have 2 bedrooms and 1.5 bathrooms with galley kitchens. 1 unit has 3 bedrooms and 1.5 bathrooms with an eat in kitchen. Coin operated washer/dryer in utility building. Brick exterior. New Roof recently. Cool carport for residents' use. Walk to park down the street. Each unit has a semi-private patio. Utilities paid by tenants individually, and each unit has its own meters (for water, electricity, and natural gas). This property is listed as a part of a portfolio. There is an existing first loan on the portfolio which is non-recourse and an attractive interest rate of 3.95% with a 10-year term. The loan is assumable with lender approval and payment of a 1% assumption fee (similar to origination fee) and the Buyer will want to assume the loan or otherwise will need to pay the applicable pre-payment premium. A Seller second loan is possible (with a minimum down payment of 35%) with terms to be negotiated by the parties. The other Listings are as follows: 784 Briarcliff Road, Atlanta, GA; 323 S. King Ave., Pine Mountain, GA; 506 N. 2nd Street, Lafayette, GA; 372-382 Grier Street, Macon, GA; Total Portfolio Price = $4,385,000 and includes 5 properties and 36 units; Minimum Down Payment for Portfolio Acquisition = 35% = $1,534,750. Great Investment Opportunity for Turn-Key Rental Properties with Below Market Interest Rate and Non-Recourse Financing! Seller is happy to facilitate a Buyer's 1031 tax-deferred exchange so long as it does not create additional expenses or liability for Seller. Please contact listing agent for more details regarding the capital stack and possible sale structure.
Property Details
- Class
- C
- Year Built
- 1969
- Stories
- 2
- Lot Size (sq. ft)
- 19,166 SF
- Units
- 5
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