100 Cross Creek DrLaGrange, GA 30241

Property Details for 100 Cross Creek Dr

Year built

1989

Property size (Sq ft)

999 SF

Property type

Residential income homes

Description

This exceptional 80-unit multifamily investment opportunity, known as Cross Creek, presents a compelling value-add proposition in the rapidly growing LaGrange, Georgia market. Comprising 40 all-brick duplex buildings, each a single story, totaling 79,902 net rentable square feet, this Class B property boasts a current occupancy rate of 94%, projected to reach 97.5% by September 12, 2024. Built in 1989, the property offers a mix of two-, three-, and four-bedroom units, averaging 999 square feet each. The asking price is $8,200,000, or $102,500 per unit, representing a current cap rate of 6.3% and a pro-forma cap rate of 8.11%. A significant advantage is the current average effective rent trailing competitors by $165, presenting a clear opportunity to increase revenue. The property's location is highly desirable, situated just 3.5 miles from the upcoming 200-acre West Georgia Inland Port project (completion in 2026), a 6-minute drive to downtown LaGrange, and within walking distance of the George Harris Sports Complex. Furthermore, it's a 3-minute drive from Mountville Mills, a significant employer adding 900 jobs. The current owner has made substantial capital improvements. Detailed financial information, including operating statements and rent rolls, is available upon request. This property offers a unique opportunity to capitalize on strong rent growth averaging 5.96% annually over the past five years in a supply-constrained market with a housing ratio of 3.3%. The potential for rent increases is further supported by the fact that average monthly mortgage payments for homes in the area exceed Cross Creek's market rent by $1,386. The property is being sold without seller financing or debt assumption.

Location Insight

City

LaGrange

County

Troup

State

Georgia

Latitude

33.0288

Longitude

-85.0041

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