Purpose-Built Student Apartment
For Sale
$5,500,000
1030 Dr. Martin Luther King Parkway, Athens, GA 30601
Residential Income, Athens, GA
Property Size22,760 SF
Lot Size2.48 Acres
Price / SF$241.65
Days on Market123
Property Features for 1030 Dr. Martin Luther King Parkway
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
65
Bathrooms
65
Full bathrooms
65
Rooms
Bedroom 33, Bathroom 26, Bedroom 50, Bathroom 17, Bathroom 3, Bedroom 10, Bathroom 54, Bathroom 18, Bedroom 52, Bathroom 62, Bathroom 13, Bedroom 59, Bedroom 21, Bathroom 43, Bathroom 60, Bedroom 26, Bedroom 37, Bathroom 52, Bedroom 47, Bathroom 8, Bedroom 45, Bedroom 36, Bathroom 64, Bedroom 12, Bedroom 9, Bathroom 50, Bedroom 56, Bathroom 19, Bathroom 56, Bedroom 41, Bedroom 11, Bedroom 4, Bathroom 12, Bathroom 30, Bedroom 32, Bathroom 58, Bedroom 49, Bedroom 44, Bathroom 65, Bathroom 11, Bedroom 2, Bedroom 62, Bedroom 27, Bedroom 51, Bathroom 9, Bedroom 34, Bedroom 42, Bathroom 48, Bedroom 63, Bathroom 57, Bedroom 57, Bathroom 39, Bedroom 54, Bathroom 53, Bedroom 22, Bathroom 31, Bedroom 31, Bathroom 25, Bathroom 14, Bathroom 40, Bathroom 61, Bedroom 28, Bedroom 18, Bathroom 29, Bedroom 46, Bathroom 4, Bathroom 37, Bedroom 19, Bedroom 15, Bedroom 29, Bathroom 38, Bedroom 7, Bathroom 42, Bedroom 58, Bathroom 32, Bedroom 61, Bedroom 35, Bathroom 1, Bathroom 10, Bathroom 33, Bathroom 7, Bathroom 34, Bedroom 43, Bathroom 51, Bedroom 8, Bathroom 45, Bathroom 6, Bedroom 13, Bedroom 48, Bathroom 21, Bathroom 35, Bathroom 2, Bathroom 47, Bathroom 59, Bedroom 65, Bathroom 49, Bedroom 1, Bathroom 5, Bathroom 41, Bathroom 20, Bathroom 28, Bathroom 36, Bedroom 25, Bathroom 22, Bedroom 24, Bedroom 5, Bedroom 64, Bathroom 27, Bathroom 63, Bedroom 39, Bedroom 60, Bedroom 16, Bedroom 53, Bedroom 3, Bedroom 23, Bedroom 38, Bedroom 30, Bedroom 40, Bedroom 17, Bathroom 23, Bathroom 24, Bedroom 20, Bathroom 46, Bedroom 6, Bedroom 14, Bedroom 55, Bathroom 15, Bathroom 44, Bathroom 55, Bathroom 16
Appliances
Electric Water Heater
Directions
From Prince Avenue, take a left in Barber Street, right on Cleveland Avenue, left on College Avenue, left on Dr. Martin Luther King Jr. Parkway
Standard status
Active
APN
163A4 B004
Size
22,760 SF
Lot size
2.48 Acres
Taxes and HOA fees
Tax Description
yes
Legal Description
yes
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
in-unit washer/dryer
hardwood floors
updated appliances
private balconies
off-street parking
Building Details
Year built
2008
Floors in Building
2
Number of units
1
Listing Agency:
CollegeTown Properties LLC
(706) 850-7740
Listed By:
Heather Fincher · License #375573
(706) 224-5302
Added: Apr 28
Changed: Aug 19
Last Checked: Aug 28 at 6:06AM
MLS# CL354800
Copyright © 2026 Hive MLS. 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 22,760-square-foot apartment property was built in 2008 on 2.48 acres and includes floor plans with three to five bedrooms. The residences feature hardwood flooring, updated appliances, in-unit washers and dryers, and private balconies. Many layouts provide a dedicated bathroom for each bedroom, while central electric heating and cooling serve the units.
The property is approximately one-half mile from downtown Athens and the University of Georgia campus. Residents have access to off-street parking, with public water and public sewer serving the property. The combination of roommate-oriented layouts, private bath configurations, and on-site amenities supports the property’s student-housing design.
The property is approximately one-half mile from downtown Athens and the University of Georgia campus. Residents have access to off-street parking, with public water and public sewer serving the property. The combination of roommate-oriented layouts, private bath configurations, and on-site amenities supports the property’s student-housing design.
Key Highlights
- 22,760‑square‑foot apartment property on 2.48 acres
- 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 - Multi-bedroom layouts include private baths, balconies, and in-unit laundry.
Where is this apartment building located?
The property is located at 1030 Dr. Martin Luther King Parkway 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: 22,760‑square‑foot apartment property on 2.48 acres; Built in 2008; Three- to five‑bedroom floor plans designed for student housing
