580 Broad StAthens, GA 30601

  • Other commercial real estate
  • 38,927 SF
For Sale
$11,220,000 View listing

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
580 Broad St, Athens, Georgia

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$104
$744,660
$1,783,795
$2,528,455
-
$1,861,650
$4,459,487
$6,321,137

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