106 Wellborn RdWarner Robins, GA 31098

Property Details for 106 Wellborn Rd

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents the Chelsea Apartments, a 32-unit multifamily property located at 106 Wellborn Rd, Warner Robins, GA 31098. Currently boasting 100% occupancy as of May 24, 2024, and a stabilized NOI of $177,000, this property offers a compelling 7.50% cap rate on an asking price of $2,360,000 ($73,750 per unit). A pro-forma NOI of $198,000 projects an 8.39% cap rate, reflecting significant upside potential. The complex comprises six, two-story buildings situated on a 3.5-acre lot, offering ample parking and the potential for future expansion. All units are a mix of two and three-bedroom configurations, presented in both single-story and two-story townhouse styles. Extensive renovations completed in 2021, including new metal roofs (replaced within the last five years), new asphalt, and over $800,000 in capital improvements, ensure minimal deferred maintenance. The property's location near Robins Air Force Base and gated communities contributes to its consistently high occupancy rate (historically in the high 90s). All renovated units currently achieve market rate rents, and further rent increases are anticipated as units turn over and are renovated to match the upgraded standards. Previous ownership plans included demolishing existing garages to construct an additional 6-8 unit building, presenting another avenue for value enhancement. Please respect tenant privacy and refrain from contacting residents directly.

Location Insight

City

Warner Robins

County

Houston

State

Georgia

Latitude

32.6087

Longitude

-83.6034

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