580 Broad StAthens, GA 30601
- Other commercial real estate
- 38,927 SF
Property Details for 580 Broad St
- Year built
- 1890
- Lot size
- 0.68 AC
- Property size (Sq ft)
- 38,927 SF
- Zone code
- C-D
- Property type
- Other commercial real estate
- APN
- 17-1-B7 A-001
- APU
- 171B7A001
Description
This exceptional value-add opportunity presents a 36-unit, 119-bed student housing property ideally situated in Athens, Georgia, directly adjacent to the University of Georgia and downtown. The property, encompassing approximately 38,927 square feet on a 0.68-acre lot, boasts 29,930 square feet of net rentable space and currently enjoys 100% occupancy. Originally constructed in 1890 and converted to loft apartments in 1977, the property has undergone significant renovations between 2018 and 2024, including interior and exterior painting, common area upgrades (laundry room, study areas, game room, parcel lockers), HVAC replacements (2023 & 2024), roof resealing (2020), and energy efficiency improvements (2021). The property is zoned C-D. An assumable, non-recourse debt is available at a 4.14% interest rate, with an interest-only payment until December 1, 2026, and a maturity date of December 1, 2031. The current loan balance is $7,467,000, representing a 67% loan-to-value ratio. The property generates substantial annual rental income, currently at approximately $1,065,300 ($746 per bed), projected to increase to $1,098,000 ($768 per bed) in the coming year. This represents a significant increase from previous years and is below market rates for comparable properties, indicating substantial upside potential through further rent increases and value-add opportunities such as furnishing units and offering individual student leases. The University of Georgia's record-breaking enrollment, including a record-high freshman class, further strengthens the property's long-term prospects. This is a compelling investment opportunity in a high-demand market.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $7,819,442
- Hospitality
- $7,162,566
- Educational
- $5,959,172
- Medical
- $6,164,116
- Retail
- $9,269,822
Location Insight
- City
- Athens
- County
- Clarke
- State
- Georgia
- Latitude
- 33.9582
- Longitude
- -83.3717
- CBSA code
- 12020
- CBSA name
- ATHENS-CLARKE COUNTY, GA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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