Address: 431 Lipsey Dr, Albany, GA, 31701

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This 8-unit value-add apartment complex features 8 1bd 1ba rooms and is currently fully occupied grossing 2,200 a month. Cosmetic rehab property could bring in 4,800+ in monthly gross income. The property is currently self-managed by the seller but there are many options for local property management.

Albany Population: 70k 

• 8 x 1br apartments.

• $275/mo unit ($2200/mo total)

• Each unit is 450 sq ft

• Market rent probably ~$600+

• New roof 2017.

• Plumbing good shape

• Structure is mostly concrete block

• Electric heaters in good condition

• No AC (tenants provide that)

• Metered water, gas & electric

• Tenants pay all utilities

• New electrical panels in all the units

• Did tile work in all of the units

• Windows have not been replaced

• Built in 1955

• Inside units have tile and carpet

• Water heaters were updated

• Each unit has it's own water heater

• There is gas on the property

• New roof and added insulation

• Water sewer and garbage is paid by tenants

• Water is metered by each unit

• Leases are month-to-month

• pvc galvanized plumbing

• tenants pay cash or PayPal

• Tenants pay all utilities 

Known repairs/value add items

We determined around an 80k Rehab budget. That’s about 10k unit but exact numbers and work to be done is the responsibility of the buyer.

• Full exterior paint

• New windows

• Fascia board replacement

• Exterior concrete work

• Parking space work

• Landscaping

• Interior updates throughout all units

Pro-forma with 80k rehab = $600 market rents :

Median sold cap rate in Albany is 7.1 in the last year

Geographical and Cultural Significance: Albany is the county seat of Dougherty County and is recognized as the primary trade center for Southwest Georgia. It's located in the Plantation Trace region, at the head of the Flint River, about 182 miles south of Atlanta. This geographical positioning potentially makes it a strategic location for various businesses and trade activities​

Albany, Georgia, is home to Albany State University, known for a wide range of programs and the highest tuition in the area; Darton State College, serving 5,623 students with a focus on health sciences; and Albany Technical College, specializing in vocational and technical education for 3,022 students, noted for its affordable tuition.

Albany, Georgia hosts the Phoebe Putney Health System, a prominent non-profit that delivers healthcare across 41 counties. The system features Phoebe Putney Memorial Hospital, a major healthcare center in Albany, and includes two additional hospitals and over 20 clinics.

P.S. Yes and If this deal is not a good fit for you I’d love to know what is the reason… Please reply with your feedback

-Julian Castle