The Park at 4690
Multifamily | 7.86% CAP | 100 Units
Marketing description
Matthews is pleased to present The Park at 4690, a multifamily investment opportunity located at 4690 Log Cabin Drive in Macon, Georgia. The property is situated within an established residential area with convenient access to regional employment centers, retail nodes, and major transportation corridors serving Macon Bibb County. With a 27% of the units still in classical condition, this offering presents investors a compelling opportunity to continue generating durable in-place cash flow in an affordability driven market while still having some meat left on the bone to renovate the 27-classical units to add value to the property.
Macon serves as a regional employment hub for Central Georgia with a diversified economic base anchored by healthcare, education, logistics, manufacturing, and government employment. Major employers include Atrium Health Navicent, Mercer University, Robins Air Force Base, Amazon, GEICO, and FritoLay, supporting consistent demand for workforce housing throughout the market.
The Park at 4690 offers an attractive basis relative to replacement cost and other recent sale comps in Middle GA. This is a straightforward execution strategy focused on generating in-place cash flow, renovating select units, maintaining and improving the resident experience. With limited new multifamily supply competing directly with renovated legacy assets in the submarket, the property is well positioned for long term occupancy stability and NOI growth.
Investment highlights
- 100 Units, Built in 1973
- Unit mix comprised of one- and two-bedroom floor plans, including (34) 660 SF one-bedroom flats, (34) 710 SF 1 bed loft, and (32) 1,015 SF two-bedroom flat units.
- Gross Building Square Footage: ±79,060 SF
- Average Unit Size: ±791 SF
- Approximately 73% of units are renovated, with the remaining 27% units in classical condition offering clear value-add potential.
- Current Occupancy: 99%
- Current Average Rent: $820 | Market Average Rent: $870
- Situated on ±8.84 acres with a density of approximately 11.3 units per acre
- Low-rise, garden-style multifamily community
- No Section 8 tenants
- On-Site Laundry Facility in Building 507 and operated by CSC. W/D Connections available in the 2-bedroom units only. No Appliances provided.
- Roofs: Flat TPO approximately 15 years old (30-year lifespan). Significant Roof maintenance has been complete in the past 3 years.
- No Central HVAC, individual forced-air system with a closet-mounted electrical furnace/blower and an exterior pad-mounted condensing unit.
- Each Unit has its own individual Electric water heater (30-40 gallons). Water heaters were replace as part of the capital improvements since October 2022.
- No Gas, All Electric. Individually Metered. Tenants pay direct to Georgia Power.
- Copper wiring
- Plumbing is a mix of PVC, Cast Iron, and Copper. No Polybutylene.
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