700 College DrCedartown, GA 30125

Property Details for 700 College Dr

Year built

1969

Lot size

2.69 AC

Property type

Apartment buildings

Description

This 20-unit apartment building, known as King Apartments, presents a compelling value-add investment opportunity in Cedartown, Georgia. The property comprises 13,664 net rentable square feet across five, single-story buildings situated on a 2.69-acre lot. Built in 1969, the property currently boasts a 95% occupancy rate and offers a mix of one- and two-bedroom floor plans averaging 683 square feet. Ample parking is available with 40 spaces provided for residents. The property is zoned for permitted use under zoning code 5. King Apartments benefits from a strong location, close to Cedartown Elementary (0.6 miles), Middle (3.2 miles), and High Schools (4.1 miles), making it attractive to families. Convenient access to everyday amenities is also a key feature, with Kroger (1.5 miles) and Walmart Supercenter (2.4 miles) nearby, along with fast-food options like Chick-fil-A and Zaxby's (within 2 miles). Downtown Cedartown, with attractions such as the Cedartown Museum of Coca-Cola and The West Cinema, is just a 5-minute drive away. High demand for rental units, with a current waiting list, ensures consistent occupancy and potential for rent growth. The property offers a significant value-add potential through cosmetic interior renovations, including kitchen and bathroom upgrades, which could command higher rental rates, mirroring similar renovations in neighboring properties achieving rents up to $1,200. The area's strong demographics, with a projected 4% population growth over the next three years and a median household income exceeding $95,000, further support the investment potential. The property's APN is 023E078, 023E078A.

Location Insight

City

Cedartown

County

Polk

State

Georgia

Latitude

34.0408

Longitude

-85.2553

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