Updated almost 7 years ago on . Most recent reply
8-unit Apartment Building For Sale in Augusta, GA (9-9.5% cap)
Here is the info on the 8-unit apartment building. It is located by Westside High School in Augusta, GA. Here are the proforma financials for the past year given to me by the owner.
Asking Price: $330,000
Gross Rents: $56-57,000/year
NOI: $30-$32,000/year
Insurance & Taxes: 3,400 & 5,611.45
Estimated Cap Rate: 9.09-9.7%
They are all 2 bed 1 baths and 1000 sqft. He says that he is averaging 620/mth but considering the gross rent estimate he gave me it's looking more like $590/mth. He is currently managing the property himself.
He's replaced the roof, repainted the siding and refinished the parking lot & mailboxes. He said he's in the middle of getting a few tenants out and raising the rents so he's expecting a ballmark NOI around 35-40,000 in a few years. It's definitely something to look into to prove the numbers! He said he's not allowing access because he's done a lot of work in the past month or so and he doesn't want to disturb the tenants unless there is an offer or contract.