100 Jefferson StAlbany, GA 31701

Property Details for 100 Jefferson St

Year built

1970

Lot size

0.61 AC

Property size (Sq ft)

15,819 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 21-unit apartment building located at 100 S Jefferson St, Albany, GA 31701. The property, boasting a 100% occupancy rate as of August 12, 2024, comprises two 3-story buildings totaling 15,819 square feet of space, with 15,891 square feet of net rentable area. The property features a mix of studio, one-bedroom, and two-bedroom units, offering a diverse rental portfolio. Built in 1970 and renovated in 2022, the Jefferson Apartments benefit from an assumable loan at a 5% interest rate, amortized over 25 years, with a current balance of $988,000. The monthly principal, interest, and property tax payment is $6,844. The property sits on a 0.61-acre lot and includes 25 parking spaces. Conveniently located in downtown Albany, near Albany State University and major employers like Proctor & Gamble, Miller Coors, and Mars Chocolate, the property enjoys a prime location surrounded by national retailers and services. On-site amenities include a laundry room and an expansive courtyard. The property is zoned C2 and has a current NOI of $148,987, with a pro-forma NOI of $175,000, resulting in a cap rate of 8.89% and a pro-forma cap rate of 10.45%. The asking price is $1,675,000, or $79,761.90 per unit. A $50,000 discount is offered for cash closings completed within 25 days. The property's strong performance and favorable location make it an attractive investment opportunity. Tax Parcel Information: Parcel: 05301-00006-01A and Parcel 05301-00006-001.

Location Insight

City

Albany

County

Dougherty

State

Georgia

Latitude

31.5765

Longitude

-84.1557

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