For Sale
$900,000

111 1St StFitzgerald, GA 31750

16-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional multifamily investment opportunity in Fitzgerald, Georgia, presents two all-brick buildings comprising sixteen apartment units. Eight units boast two bedrooms and one bathroom, while the remaining eight offer one bedroom and one bathroom. Currently operating at a 94% occupancy rate, the property generates substantial income. One-bedroom units command a monthly rent of $600, and two-bedroom units rent for $650 per month, resulting in a gross effective annual rent of $120,000. Recent capital improvements enhance the property's value and appeal, including fresh exterior paint, new windows, and new HVAC systems in every unit. Interior renovations are completed on a turnover basis. All units feature individually metered utilities for efficient management. The asking price reflects a compelling 8.66% cap rate, calculated using a 35% operating expense ratio. Situated on a 0.86-acre lot totaling 13,952 square feet, the property is conveniently located just half a mile from downtown Fitzgerald. This well-maintained property offers a strong return on investment and significant upside potential. The property's prime location and recent upgrades make it an attractive opportunity for discerning investors seeking a stable and profitable multifamily asset.

Highlights

  • $900,000 asking price.
  • Multifamily property with 16 units on a 0.86-acre lot in Fitzgerald, GA.
  • 13,952 square feet; mix of eight 2BR/1BA and eight 1BR/1BA units.
  • 94% occupancy; rents range from $600-$650/month.
  • Recent renovations include exterior paint, windows, and HVAC units; some interior unit renovations completed.
  • Individually metered utilities.

Property Details for 111 1St St

Property type
Land, Apartment buildings
Square Feet
13,952 SF
Lot Size (sq. ft)
37,462 SF
Units
16

Location Insight

City
Fitzgerald
County
Ben Hill
State
Georgia
Latitude
31.7159672
Longitude
-83.266933
111 1St St, Fitzgerald, Georgia

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111 1St St
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