17-Unit Apartment
1620 E Park Ave #*, Valdosta, GA 31602
For Sale
New
$615,000
R-M zoning and a mix of studio, one-bedroom, and two-bedroom layouts characterize this multifamily property.
Property Size7,934 SF
Lot Size0.71 Acres
Price / SF$77.51
Days on Market6
Property Features for 1620 E Park Ave #*
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Opportunity Zone
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Stories
Listing Agency:
COLDWELL BANKER PREMIER REAL E
(229) 244-3535
Listed By:
John Courson · License GA #342868
(229) 251-4632
Source:
Garnerrealtygroupllc
Added: Nov 7
Changed: Nov 12
Last Checked: Nov 11 at 8:14PM
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 COLDWELL BANKER PREMIER REAL E
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Investment Insights
Based on property information with market context.
The 17-unit apartment property contains 12 studios, three one-bedroom/one-bath units, and two two-bedroom/one-bath units. The building totals 7,934 square feet on a 0.71-acre parcel, and the site is zoned R-M. Six apartments are vacant and require renovation; the occupied units have a mix of annual and at-will lease terms.
The property is in Valdosta’s Opportunity Zone, near downtown and major employers.
The property is in Valdosta’s Opportunity Zone, near downtown and major employers.
Key Highlights
- 17 apartments: 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units
- 7,934 square feet on a 0.71‑acre lot
- Six vacant units are ready for renovation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,644
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - R-M zoning and a mix of studio, one-bedroom, and two-bedroom layouts characterize this multifamily property.
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 apartments: 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units; 7,934 square feet on a 0.71‑acre lot; Six vacant units are ready for renovation
