Statesboro, GA · Member since 2016 · 44 posts · 13 votes
The Reserve, a 39-unit Apartment complex, is up on the market here in Statesboro, GA. This is very rare to see an entire complex listed on the market here! It has a gross income of approximately $400,000/year and is 100% occupied until July 2018. Asking price is $4.3 million. The price is negotiable and the rent has plenty of room to increase.
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Statesboro, GA · Member since 2016 · 44 posts · 13 votes
9y
Jeff Greenberg They're definitely pushing the market cap. Cap rates are between 4-5% usually for Apartments here because vacancy is not an issue. I will say that there is room to negotiate on price and rents are below market rates. It's also a newer build, built in 2013
Rental Property Investor · San Anselmo · Member since 2015 · 659 posts · 599 votes
7y
@Jeff Greenberg This listing has been sitting dormant for well over a year. The owner still thinks its worth 4.3M but is "open to 4.1M". Apparently a few months back he rejected an offer of 3.9M, which places it at a 5.1 cap assuming a 50% expense ratio. I checked out the property last time I was in the area and its clean, but definitely cannot justify under a 6 cap in my opinion.
I like this area, and I like this size of property (which are limited here). Just need the owner to bend......