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Value-Add Multifamily | 120 Units 4711 Bishop Ming Blvd 120 Unit Apartment Building $10,957,972 CAD ($91,316 CAD/Unit) 6.54% Cap Rate Stone Mountain, GA 30088
INVESTMENT HIGHLIGHTS
- ±10.16 Acres | Built in 2005 | Current occupancy around 90%
- Unit mix: 6 studios, 48 one-bed/one-bath, 48 two-bed/one-bath, 18 two-bed/two-bath
- Below Land Use Restrictive Covenant (LURC) ceiling rents and above-market expenses due to mission-driven ownership
- Appraised for $12,200,000 in 2020 | Pricing guidance: $7,850,000
- Five water-damaged units not included in existing NOI or cap rate. These units are currently under renovation
- Offers considered when presented
EXECUTIVE SUMMARY
???????Bull Realty is proud to offer the opportunity to acquire Antioch Manor Apartments, a 120-unit age-restricted community with rent Bull Realty is proud to offer the opportunity to acquire Antioch Manor Apartments, a 120-unit age-restricted community with rent restrictions. The facility is well-occupied providing investors immediate cash flow, while also offering multiple value-add components. The property is owned by a church and has experienced above market operating expenses. Additionally, the pastor has kept rents low with a biblical hesitancy to charge market rents. An experienced operator should be able to get operating costs in line with market and rents up to program limits.
The current NOI does not include income from five water-damaged units which are being repaired. The proforma NOI on page 6 includes income from these units, capturing the full stabilized potential.
The current NOI does not include income from five water-damaged units which are being repaired. The proforma NOI on page 6 includes income from these units, capturing the full stabilized potential.
PROPERTY FACTS
| Price | $10,957,972 CAD | Building Class | A |
| Price Per Unit | $91,316 CAD | Lot Size | 10.20 AC |
| Sale Type | Investment | Building Size | 125,865 SF |
| Cap Rate | 6.54% | Average Occupancy | 90% |
| No. Units | 120 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2005 |
| Property Subtype | Apartment | Parking Ratio | 0.66/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RSM | ||
| Price | $10,957,972 CAD |
| Price Per Unit | $91,316 CAD |
| Sale Type | Investment |
| Cap Rate | 6.54% |
| No. Units | 120 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | A |
| Lot Size | 10.20 AC |
| Building Size | 125,865 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 2005 |
| Parking Ratio | 0.66/1,000 SF |
| Zoning | RSM |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Storage Space
- Washer/Dryer Hookup
- Heating
- Refrigerator
SITE AMENITIES
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Spa
- Gated
- Gameroom
- Grill
- Media Center/Movie Theatre
- Pet Play Area
- Walking/Biking Trails
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | 460 |
| 1+1 | 48 | - | 620 |
| 2+1 | 48 | - | 800 |
| 2+2 | 18 | - | 860 |
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PROPERTY TAXES
| Parcel Number | 15-192-06-182 | Improvements Assessment | $8,583,015 CAD |
| Land Assessment | $2,438,100 CAD | Total Assessment | $11,021,116 CAD |
PROPERTY TAXES
Parcel Number
15-192-06-182
Land Assessment
$2,438,100 CAD
Improvements Assessment
$8,583,015 CAD
Total Assessment
$11,021,116 CAD
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Value-Add Multifamily | 120 Units | 4711 Bishop Ming Blvd
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