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Park Oaks 100-202 Oak Bluff Dr 40 Unit Apartment Building $9,848,448 CAD ($246,211 CAD/Unit) 6.70% Cap Rate Athens, GA 30607
Investment Highlights
- Surrounded by Growth: Park Oaks sits on the border of Clarke and Jackson County, allowing benefit of growth from Athens & Commerce
- New ownership will benefit from over $1.1M in capex over the last six years. Including new roofs, water heaters, HVACs, and pavement.
- Over the last 26 months in-place rents have moved from $1,290 to $1,431, an 11% increase, while keeping nearly perfect occupancy and no interior renos
- Large 2BR and 3BR units with private driveways & private patios. Also, a private hiking trail that connects to Oxbow Loop in Sandy Creek Park
- The property has filed zero evictions in 6years, has averaged 97% occupancy over 26 months, and 50% of residents have been at the property 3+ years
- Current ownership has renovated one unit interior and achieved a $175 premium.
Executive Summary
We expect this unique BTR-style Duplex asset to trade around $180k/unit, however, this is a fully marketed deal that will go through a formal CFO and bid matrix. Please do not call to ask if the price is negotiable, the highest offers will go to the Best and Final round.
Available in conjunction with Preston Court TH: https://www.loopnet.com/Listing/878-Hospital-Rd-Commerce-GA/40280576/
All DD/Financials are available for download from the Data room.
This is a unique property; it is the furthest north towards Commerce of any property in Athens (20-minute drive – no turns). This is a big advantage as Commerce currently has a huge housing shortage.
The property is also an excellent product type featuring 100% brick exterior duplexes, large floor plans, huge wooded lots, private patios, private driveways, and your own mailbox. A private hiking trail in the back of the property connects directly to Sandy Creek Park. It feels much more like BTR than traditional apartments.
Third party management is already in place with a 7% management fee model. They do not charge payroll.
Park Oaks
-Built: 2001
-Avg. Unit SF: 1,121
-Occupancy: 100%
-Over $1.1M in Capex Complete
-0 Evictions in Six Years
-11% Rent Growth in 2 Years (Without Renovation)
-Opportunity to Renovate
-Opportunity to Add Amenities
Available in conjunction with Preston Court TH: https://www.loopnet.com/Listing/878-Hospital-Rd-Commerce-GA/40280576/
All DD/Financials are available for download from the Data room.
This is a unique property; it is the furthest north towards Commerce of any property in Athens (20-minute drive – no turns). This is a big advantage as Commerce currently has a huge housing shortage.
The property is also an excellent product type featuring 100% brick exterior duplexes, large floor plans, huge wooded lots, private patios, private driveways, and your own mailbox. A private hiking trail in the back of the property connects directly to Sandy Creek Park. It feels much more like BTR than traditional apartments.
Third party management is already in place with a 7% management fee model. They do not charge payroll.
Park Oaks
-Built: 2001
-Avg. Unit SF: 1,121
-Occupancy: 100%
-Over $1.1M in Capex Complete
-0 Evictions in Six Years
-11% Rent Growth in 2 Years (Without Renovation)
-Opportunity to Renovate
-Opportunity to Add Amenities
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Miscellaneous
Property Facts
| Price | $9,848,448 CAD | Building Class | B |
| Price Per Unit | $246,211 CAD | Lot Size | 1.17 AC |
| Sale Type | Investment | Building Size | 46,200 SF |
| Cap Rate | 6.70% | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2001 |
| Property Subtype | Apartment | ||
| Zoning | C-R - Residential | ||
| Price | $9,848,448 CAD |
| Price Per Unit | $246,211 CAD |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 1.17 AC |
| Building Size | 46,200 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2001 |
| Zoning | C-R - Residential |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Views
- Deck
- Freezer
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Maintenance on site
- Online Services
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 20 | $1,981 CAD | 1,024 |
| 3+2 | 20 | $2,209 CAD | 1,218 |
1 1
Not walkable
10/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,084,023 CAD | |
| Land Assessment | $361,603 CAD | Total Assessment | $3,445,626 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$361,603 CAD
Improvements Assessment
$3,084,023 CAD
Total Assessment
$3,445,626 CAD
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Park Oaks | 100-202 Oak Bluff Dr
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