17-Unit Apartment
New
For Sale
$615,000
1620 E Park Ave, Valdosta, GA 31602
Multifamily property with varied unit layouts and six vacant apartments requiring renovation.
Property Size7,934 SF
Lot Size0.71 Acres
Price / SF$77.51
Days on Market4
Property Features for 1620 E Park Ave
General Information
Standard status
Active
Size
7,934 SF
Lot size
0.71 Acres
Property subtype
Multifamily
Zoning
R-M
Units
Unit Mix
12 x studio, 3 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
17
Additional Details
Opportunity Zone
Yes
Building Details
Building Size
7,934 SF
Units
17
Listing Agency:
COLDWELL BANKER PREMIER REAL E
(229) 597-3331
Listed By:
Autumn Wibright
(229) 597-3331
Source:
Cbcworldwide
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 4:45AM
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
Investment Insights
Based on property information with market context.
This 17-unit apartment property contains 7,934 SF across a 0.71-acre site. The unit mix includes 12 studios, three one-bedroom/one-bath apartments, and two two-bedroom/one-bath apartments. Six units are vacant and identified for renovation, while the remaining units are occupied under a combination of annual and at-will leases.
The property is located in Valdosta near downtown and major employers and lies within an Opportunity Zone. R-M zoning supports the existing apartment use. The configuration combines smaller studio units with larger one- and two-bedroom layouts within a compact multifamily asset.
The property is located in Valdosta near downtown and major employers and lies within an Opportunity Zone. R-M zoning supports the existing apartment use. The configuration combines smaller studio units with larger one- and two-bedroom layouts within a compact multifamily asset.
Key Highlights
- 17‑unit apartment property with 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units
- 7,934 SF apartment building on a 0.71‑acre lot
- Six vacant units are ready 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
68
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with varied unit layouts and six vacant apartments requiring renovation.
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 property with 12 studios, 3 one‑bedroom/one‑bath units, and 2 two‑bedroom/one‑bath units; 7,934 SF apartment building on a 0.71‑acre lot; Six vacant units are ready for renovation
