For Sale
$11,220,000

580 Broad StAthens, GA 30601

Prime UGA location, 36 units, 119 beds, high occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional value-add opportunity presents a 36-unit, 119-bed student housing property ideally situated in Athens, Georgia, directly adjacent to the University of Georgia and downtown. The property, encompassing approximately 38,927 square feet on a 0.68-acre lot, boasts 29,930 square feet of net rentable space and currently enjoys 100% occupancy. Originally constructed in 1890 and converted to loft apartments in 1977, the property has undergone significant renovations between 2018 and 2024, including interior and exterior painting, common area upgrades (laundry room, study areas, game room, parcel lockers), HVAC replacements (2023 & 2024), roof resealing (2020), and energy efficiency improvements (2021). The property is zoned C-D. An assumable, non-recourse debt is available at a 4.14% interest rate, with an interest-only payment until December 1, 2026, and a maturity date of December 1, 2031. The current loan balance is $7,467,000, representing a 67% loan-to-value ratio. The property generates substantial annual rental income, currently at approximately $1,065,300 ($746 per bed), projected to increase to $1,098,000 ($768 per bed) in the coming year. This represents a significant increase from previous years and is below market rates for comparable properties, indicating substantial upside potential through further rent increases and value-add opportunities such as furnishing units and offering individual student leases. The University of Georgia's record-breaking enrollment, including a record-high freshman class, further strengthens the property's long-term prospects. This is a compelling investment opportunity in a high-demand market.

Highlights

  • 36-unit, 119-bed student housing property in Athens, GA, directly adjacent to the University of Georgia and downtown. The property features approximately 29,930 square feet of net rentable space on a 0.68-acre lot.
  • Assumable, non-recourse debt available at 4.14% interest, interest-only until December 1, 2026, maturing December 1, 2031. Current loan balance is $7,467,000 (67% LTV).
  • 100% occupied with 86.5% pre-leased for Fall 2024. Annual rental income is approximately $1,065,300 ($746 per bed), projected to increase to $1,098,000 ($768 per bed) in the coming year. Significant upside potential through rent increases and value-add opportunities.
  • University of Georgia's record enrollment (41,615 students, including a record freshman class of 6,200) strengthens long-term prospects.

Property Details for 580 Broad St

Property type
Dormitories, Student housing
Square Feet
38,927 SF
Lot Size (sq. ft)
29,621 SF
Units
36

Location Insight

City
Athens
County
Clarke
State
Georgia
Latitude
33.9582212
Longitude
-83.3718307
580 Broad St, Athens, Georgia

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580 Broad St
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