2517 Forrestwood Dr, Valdosta, GA 31602

24 Unit Apartment Building | $2,400,000 ($100,000/Unit) | 10.42% Cap Rate | Valdosta, GA 31602

Asking Price $2,400,000

Sale Condition: 1031 Exchange
Property Type: Multifamily
Square Feet: 23,791 SF

Listing Contacts

Property Info

Property Overview

Forrestwood Apartments is a 24 unit Property with all 2 bedroom units. This apartment is 6 minutes from Valdosta State University. Valdosta has been growing and is the first major city coming in from Florida. This is a 100% occupied property. Current Rents of up to $925 but still below market rents at $1100. Opportunity to value add and increase rents to market rents. All 2 bed units walkable to Valdosta State University. Rented to families only. All neighborhood homes are private family residences. Very close to retail, shopping and hospitals. All tenants residing in the apartment are on 1 year leases. Rents have continued to grow substantially by a cumulative 21.3% in Valdosta over the last 3 years and continues to grow due to it's proximity to Florida and being at the entrance of Georgia.
Assumable Loan at 6.5% with a current loan balance of $1.25 Mn amortized over 25 years.

Property Details

Class: C
Year Built/Renovated: 1980/2022
Stories: 2
Lot Size (sq. ft): 51,836 SF
Units: 24

Highlights

100% occupied
Assumable Loan

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