59 Unit Historic Value-Add Multifamily in Augusta, GA
1901 Broad Street
Augusta, GA 30901
Highlights
- $3,250,000 | $55K/Door | $50/SF
- Brand New Roofs as of 2022
- All Interior Units are ready for Renovation
- 20% Affordable HUD Contract - 2032
Description
The Finem Group at Meybohm Commercial is proud to present this Affordable Multifamily 59-unit Apartment Complex in Augusta, Georgia. The property is located in Downtown Augusta next to the Sibley and Kings Mill redevelopment projects. The property was previously a Low-Income Housing Tax Credit property, and is in the de-escalation period, with use restrictions expiring in 2032. The restrictions require 20% of the units to be affordable (rented to section 8 tenants). The property features 59 units: 7-studio, 7-one-bedroom, 11-two-bedroom, and 34-three-bedroom.
The investment opportunity is comprised of three apartment buildings with a total of 59 units and totaling 64,946 square feet. All three buildings have a beautiful brick exterior that is in good condition along with all the roofs being replaced in 2022. Additionally, there were some new windows installed in the three buildings. Otherwise, all the units are currently vacant and will require full renovations including HVAC units, water heaters, cabinetry, countertops, and appliances. Finishes will need updating, new paint throughout, new flooring and baseboards, new windows, new lighting, and new doors. This investment makes for a great strategic value-add strategy.
This property has an ideal unit mix with over 58% of the units having 3 bedrooms. These units would be a great opportunity for families to move into given its close proximity to Salvation Army’s Kroc Center and the Boys and Girls Club.
This unique investment opportunity is situated in the heart of Downtown Augusta, Georgia, a city experiencing a remarkable transformation through significant capital investments. Augusta, known for its rich history, is rapidly evolving into one of the Southeast's most dynamic and technologically advanced cities.
Recent Developments:
Nathan Deal Campus for Innovation: The completion of this campus in early 2019, housing the Georgia Cyber Center, has established Augusta as the Southeast's capital for cybersecurity.
Technological Hub: The presence of the Georgia Cyber Center has fostered an environment ripe for innovation and growth in the cybersecurity field.
Economic Growth Drivers:
Cybersecurity and Medical Sectors: The synergy between the growing cybersecurity industry and the established medical hub has catalyzed economic growth and development.
Industrial Investments: Significant investments in Plant Vogtle and the Savannah River Nuclear Site have further bolstered Augusta's economic landscape.
Historic and Technical Melting Pot:
Augusta's unique position as both a historically significant city and a burgeoning technical hub offers a rare blend that is attractive to a diverse range of residents and businesses.
