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Key Details
Sold Price $855,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 20130817
Sold Date 07/25/23
HOA Y/N No
Year Built 1968
Annual Tax Amount $2,864
Tax Year 2022
Lot Size 5.800 Acres
Acres 5.8
Lot Dimensions 5.8
Property Sub-Type Multi Family
Source Georgia MLS 2
Property Description
9% cap! Seven apartment building fully renovated to the stud. Complete with new electrical, plumbing, interior walls, floors, roof, siding. Was originally built in 1960's as a motel and now converted to 7 apartments consisting of 6 studio apartments and 1 one-bedroom apt. Leases are for $1,175 for studios $1,775 for 1 bedroom. As the conversion is being completed, 5 furnished apartments already have 1 year leases. Last 2 have small finishing touches then projected to be 100% leased in early July for 9.1% cap rate. $104k income; $23k expenses. Current 7 apartments are on one level, each with private entry. Terrace level has space to build out 2 more studios. Great income producing! Location is just west of Dahlonega, a historic 'gold rush' town in the foothills of North Georgia with the ever-growing University of North Georgia, the 5th Ranger Training Battalion, the new North Georgia Medical Center hospital, wedding venues all around. The area attracts people from all around with vineyards, hiking and biking trails, river rafting, horseback riding, Ironmountain ATV park and one of the most beautiful state parks, Amicalola Falls State Park, is just 10 miles down the road.
Location
State GA
County Lumpkin
Rooms
Basement Dirt Floor, Exterior Entry, Partial
Interior
Heating Electric, Common, Heat Pump, Other
Cooling Central Air, Electric, Heat Pump
Fireplace No
Exterior
Parking Features Kitchen Level, Off Street, Over 1 Space per Unit, Parking Pad
Garage Spaces 14.0
Community Features None
Utilities Available Other
View Y/N No
Total Parking Spaces 14
Garage No
Private Pool No
Building
Faces Located 8 miles West of Dahlonega on Hwy 52W.
Sewer Septic Tank
Water Well
Structure Type Concrete
New Construction No
Schools
Elementary Schools Blackburn
Middle Schools Lumpkin County
High Schools New Lumpkin County
Others
HOA Fee Include None
Tax ID 032 004
Acceptable Financing 1031 Exchange, Assumable, Cash, Conventional, Credit Report Required, Trade, FHA, Fannie Mae Approved, Freddie Mac Approved, Lease Purchase, Private Financing Available, VA Loan, USDA Loan
Listing Terms 1031 Exchange, Assumable, Cash, Conventional, Credit Report Required, Trade, FHA, Fannie Mae Approved, Freddie Mac Approved, Lease Purchase, Private Financing Available, VA Loan, USDA Loan
Special Listing Condition Updated/Remodeled
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