The Tifton Apartments
Multifamily | 170 Units I 98% Occupied I Sub-market 97%+ Occupied
Marketing description
Marcus & Millichap is proud to present "The Tifton Apartments" consisting of 170 market-rate apartment units with 78 units built between 2017 and 2020, 50 units built between 2010 and 2016, and 42 units built in 2004.
The Property is currently 98% occupied, and the direct comparative property vacancies in market are at sub 3.0%.
Market Rents were raised $75.00 / unit on the 2's and 3's on July 1.
Located in West/Northwest Tifton, on the west side of I-75, the properties have a laid back, safe, country feel with an upscale location near great retail, a university and a college.
Offered with assumable Fannie debt at 3.13%, due Nov. 2030. Current Balance - $10,250,000. Or, new debt can be placed. There is a mortgage on 150 units, and 20 units are free and clear.
Investment highlights
- 78 units built between 2017 and 2020
- 50 units built between 2010 and 2016
- 42 units built in 2004
- The Property is currently 98% occupied, and the direct comparative property vacancies in market are at sub 3.0%
- Market Rents were raised $75.00 / unit on the 2's and 3's on July 1
- Located in West/Northwest Tifton, on the west side of I-75, the properties have a laid back, safe, country feel with an upscale location near great retail, a university and a college
- Offered with assumable Fannie debt at 3.13%, due Nov. 2030
- Current Balance - $10,250,000. Or, new debt can be placed
- There is a Fannie mortgage on 150 units, and 20 units are free and clear
- Washer & Dryer in all 170 units. Owners are not charging currently. 170 units x 12 months x $50.00 = $102,000 new $'s
- Pet Fee Income should rise at least $25,000 (42 pets) from the T-12 of only $2,250 from one-time fees. Instead, charge one-time $350 fee and $25-$35/month
- Legal & Professional Fees will be approximately $11,000 less than the T-12 due to non-reoccurring Tax Appeal costs
- Management Fees will be approximately $70,000 less at $75,000 (3%) vs the current T-12 $146,000 (6%)
- New Property Taxes quoted will be approximately *$226,000 Year-1, Post Sale. T-12 Tax Escrow was $247,000
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