17-Unit Apartment
For Sale
$615,000
1620 E Park Ave, Valdosta, GA 31602
Residential Income, Valdosta, GA
Property Size7,934 SF
Lot Size0.71 Acres
Price / SF$77.51
Days on Market46
Property Features for 1620 E Park Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-M
Subdivision
East Park
Standard status
Active
APN
0153C 023
Size
7,934 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
in listing office
Tax Annual Amount
4578
Legal Description
in listing office
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Floors in Building
2
Building materials
Wood Siding
Listing Agency:
COLDWELL BANKER PREMIER REAL E
(229) 244-3535
Listed By:
John Courson · License #342868
(229) 251-4632
Added: Jul 16
Changed: Aug 20
Last Checked: Aug 30 at 1:06PM
MLS# 154395
Copyright © 2026 South Georgia MLS (Valdosta). All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 17-unit apartment property in Valdosta includes 12 studio apartments, three one-bedroom/one-bath units, and two two-bedroom/one-bath units. The building contains 7,934 square feet on a 0.71-acre parcel, with wood siding, central heating, and central air conditioning. Six apartments are vacant and designated for renovation, while the occupied units are leased under a combination of annual and at-will terms.
Located at 1620 E Park Ave, the property is within Valdosta’s Opportunity Zone and carries R-M zoning. Its unit mix spans compact studios through two-bedroom layouts, providing a range of residential configurations within one multifamily asset.
Located at 1620 E Park Ave, the property is within Valdosta’s Opportunity Zone and carries R-M zoning. Its unit mix spans compact studios through two-bedroom layouts, providing a range of residential configurations within one multifamily asset.
Key Highlights
- 17‑unit apartment building with 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units
- 7,934 SF building situated on a 0.71‑acre lot
- Six vacant units designated for renovation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,644
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$952,880
$952.9K
Cap Rate 7%
$680,629
$680.6K
Cap Rate 9%
$529,378
$529.4K
Market Conditions
NOI Build-Up for 7,934 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$92.4K $11.64/SF
− Vacancy
−$5.7K −$0.72/SF
EGI
$86.6K $10.92/SF
− OpEx
−$39.0K −$4.91/SF
NOI
$47.6K $6.01/SF
Area
Lowndes County, GA
Vacancy
6.20%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$952,880
Cap Rate 7%
$680,629
Cap Rate 9%
$529,378
Alternative Uses
Best Use
Apartment 5plus
$680.6K
$595.6K – $794.1K
NOI $47,644 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,316 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Explore this area
Business Placement
Demographics for 31602, GA
35,999
Population
15,201
Households
2.4
Avg Household Size
33
Median Age
32%
College-Educated
89%
High-School Grad
39.9 sq mi
ZIP Area
902
Density / Sq Mi
$55,980
Median Household Income
$34,919
Median Earnings
$1,046
Median Rent
$197,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R-M-zoned multifamily property with studio and one- and two-bedroom floor plans.
Where is this apartment building located?
The property is located at 1620 E Park Ave Valdosta, GA.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 17‑unit apartment building with 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units; 7,934 SF building situated on a 0.71‑acre lot; Six vacant units designated for renovation
