Student Housing Apartment
For Sale
$5,500,000
1030 Dr Martin Luther King Pkwy, Athens, GA 30601
Three- to five-bedroom residences offer private balconies, in-unit laundry, and off-street parking near campus.
Property Size22,760 SF
Price / SF$241.65
Days on Market142
Property Features for 1030 Dr Martin Luther King Pkwy
General Information
Standard status
Active
Size
22,760 SF
Property subtype
Multi-Family
Amenities
in-unit washer and dryer
hardwood floors
updated appliances
private balconies
private bathrooms
off-street parking
Building Details
Year Built
2008
Listing Agency:
CollegeTown Properties LLC
Listed By:
Heather Fincher · License #375573
(706) 850-7740
Source:
Cinthia.atlantageorgiahomesales
Added: Apr 15
Changed: Sep 2
Last Checked: Sep 2 at 6:26PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CollegeTown Properties LLC
Investment Insights
Based on property information with market context.
Built in 2008, this 22,760-square-foot apartment property is configured for student housing with spacious three- to five-bedroom floor plans. Units feature in-unit washers and dryers, hardwood flooring, updated appliances, and private balconies. Many layouts provide a private bathroom for each bedroom, while off-street parking is available on site.
The property at 1030 Dr Martin Luther King Pkwy is located approximately ½ mile from downtown Athens and the University of Georgia campus. The university surpassed 40,000 students in 2024, and its enrollment has increased each year for the past decade. The combination of multi-bedroom layouts, bedroom-level bath configurations, and proximity to campus supports roommate-oriented leasing.
The property at 1030 Dr Martin Luther King Pkwy is located approximately ½ mile from downtown Athens and the University of Georgia campus. The university surpassed 40,000 students in 2024, and its enrollment has increased each year for the past decade. The combination of multi-bedroom layouts, bedroom-level bath configurations, and proximity to campus supports roommate-oriented leasing.
Key Highlights
- Approximately ½ mile from downtown Athens and the University of Georgia campus
- 22,760‑square‑foot apartment property built in 2008
- Three- to five‑bedroom floor plans designed for student housing
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
$254,706
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
4.63%
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%
$5,094,120
$5.1M
Cap Rate 7%
$3,638,657
$3.6M
Cap Rate 9%
$2,830,067
$2.8M
Market Conditions
NOI Build-Up for 22,760 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
$491.6K $21.60/SF
− Vacancy
−$28.5K −$1.25/SF
EGI
$463.1K $20.35/SF
− OpEx
−$208.4K −$9.16/SF
NOI
$254.7K $11.19/SF
Area
Athens, GA
Vacancy
5.80%
Lease Rate
$21.60 /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%
$5,094,120
Cap Rate 7%
$3,638,657
Cap Rate 9%
$2,830,067
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.25M
NOI $254,706 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.49M
$4.80M – $6.40M
NOI $384,072 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 30601, GA
25,036
Population
11,634
Households
2.2
Avg Household Size
28
Median Age
37%
College-Educated
84%
High-School Grad
23.4 sq mi
ZIP Area
1,070
Density / Sq Mi
$37,357
Median Household Income
$24,639
Median Earnings
$1,198
Median Rent
$213,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three- to five-bedroom residences offer private balconies, in-unit laundry, and off-street parking near campus.
Where is this apartment building located?
The property is located at 1030 Dr Martin Luther King Pkwy Athens, GA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Approximately ½ mile from downtown Athens and the University of Georgia campus; 22,760‑square‑foot apartment property built in 2008; Three- to five‑bedroom floor plans designed for student housing
