442 Old Buena Vista RdColumbus, GA 31906

Property Details for 442 Old Buena Vista Rd

Year built

1964

Construction

WOOD

Lot size

0.29 AC

Property size (Sq ft)

3,750 SF

Property type

Commercial real estate

APN

065 010 006

APU

65010006

Description

This exceptional value-add multifamily investment opportunity, The Belle Vue Court Apartments, is located in Columbus, Georgia. The property consists of five single-story, brick garden-style buildings situated on approximately 1.61 acres. Comprising 32 units, each a two-bedroom, one-bathroom apartment averaging 622 square feet, the property boasts a total of 19,914 square feet. Recently renovated in 2024, with approximately $130,000 in capital expenditures and property updates completed by the owner in 2023/2024, the property offers significant upside potential. Currently, the property enjoys 100% occupancy (as of September 1, 2024), with average rents of $617 per unit. However, the HUD 2025 advisory rent for the 31906 zip code is $930 per month (effective January 1, 2025), indicating substantial room for rent increases. This presents a compelling opportunity to leverage the significant rent growth potential in the area. The property's low cost basis of under $50,000 per unit, combined with a pro-forma cap rate of 13.02% and a pro-forma NOI of $208,222, makes this a highly attractive investment. The asking price is $1,599,000. The property is zoned GC and features a fee simple ownership structure. Parcel numbers are 065 010 006

• Alternative Use

  Use

  Valuation

  Residential

  $545,956

  Hospitality

  $500,093

  Educational

  $416,071

  Medical

  $430,380

  Retail

  $647,222

Location Insight

City

Columbus

County

Muscogee

State

Georgia

Latitude

32.4547

Longitude

-84.9404

CBSA code

17980

CBSA name

COLUMBUS, GA-AL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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