|Price/Rent PSF||$ 375,000.00|
|SQ. FT. Available||11,112|
Location historically has been challenging. Downtown Augusta is drastically changing and rents are going up in the market. This is being driven by tons of jobs coming to the area and a lack of affordable housing in the area. Rental rates are rising in the area quickly. Location is suburban in feel but close to downtown.
Based on current financials the property is breaking even. Property is around 50% occupied and needs approximately 50K of capex to be fully operational. Work could be completed and lease up done in 90-120 days total. Proforma rents at $510 across the board with normalized expenses boosts cap rate significantly. Fair market should be around $535-$550 for these units which also would boost the cap rate and value. Owner paid over $400,000 and is looking for a quick sale to get out. They are not in a position where they can owner finance. I have historical financials from previously when my firm managed property prior to current ownership. Property was doing much better back then. New management is needed.