76-Unit Apartment
For Sale
$5,250,000
1850 Apple Valley Dr, Augusta, GA 30906
Multifamily property constructed in 1989 with an opportunity for interior and exterior improvements.
Property Size40,031 SF
Days on Market150
Property Features for 1850 Apple Valley Dr
General Information
Standard status
Active
Size
40,031 SF
Property subtype
Multifamily
Occupancy
90%
Additional Details
Cap Rate
7.93%
Multifamily Units
76
Amenities
Value-Add Through Renovating 15 Heavy Turn Units and 20 Light/Medium Turn Units.
Below-Market Rents Provide a Clear Path to Revenue Growth Through Renovations and Improved Operations.
Augusta's Stable Employment Base Supports Consistent Occupancy and Long-Term Rental Demand.
The 76-Unit Scale Allows for Operational Efficiencies While Remaining Attractive to a Wide Investor Pool.
Building Details
Building Size
40,031 SF
Year Built
1989
Units
76
Listing Agency:
Charleston Office
(843) 952-2295
Listed By:
Price A. Brazzel · License #SC: 137927, GA: 446968
(843) 952-2295
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 6:32AM
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 Charleston Office
Investment Insights
Based on property information with market context.
Sherwood Glen is a 76-unit apartment property constructed in 1989. The asset is positioned as a value-add multifamily investment, with potential improvements identified in the source information including interior renovations, curb-appeal enhancements, and more efficient property management practices.
The property is located at 1850 Apple Valley Dr in Augusta, Georgia. The source information also identifies in-place rents below prevailing market levels and opportunities to pursue higher rental rates through targeted capital improvements and operational changes.
The property is located at 1850 Apple Valley Dr in Augusta, Georgia. The source information also identifies in-place rents below prevailing market levels and opportunities to pursue higher rental rates through targeted capital improvements and operational changes.
Key Highlights
- 76‑unit apartment property
- Constructed in 1989
- Located at 1850 Apple Valley Dr, Augusta, GA 30906
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
$362,621
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
6.91%
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%
$7,252,420
$7.3M
Cap Rate 7%
$5,180,300
$5.2M
Cap Rate 9%
$4,029,122
$4.0M
Market Conditions
NOI Build-Up for 40,031 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
$720.6K $18.00/SF
− Vacancy
−$61.2K −$1.53/SF
EGI
$659.3K $16.47/SF
− OpEx
−$296.7K −$7.41/SF
NOI
$362.6K $9.06/SF
Area
Augusta, GA
Vacancy
8.50%
Lease Rate
$18.00 /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%
$7,252,420
Cap Rate 7%
$5,180,300
Cap Rate 9%
$4,029,122
Alternative Uses
Best Use
Apartment 5plus
$5.18M
$4.53M – $6.04M
NOI $362,621 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.64M
$11.06M – $14.74M
NOI $884,476 @ 7.0% cap · market cap 16.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
76
Residential units
Location Intelligence
Trade Area within ½ mile
254
Businesses Nearby
Explore this area
Business Placement
Demographics for 30906, GA
58,458
Population
24,663
Households
2.4
Avg Household Size
37
Median Age
12%
College-Educated
85%
High-School Grad
86.7 sq mi
ZIP Area
674
Density / Sq Mi
$46,159
Median Household Income
$29,218
Median Earnings
$1,051
Median Rent
$115,000
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 constructed in 1989 with an opportunity for interior and exterior improvements.
Where is this apartment building located?
The property is located at 1850 Apple Valley Dr Augusta, GA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: 76‑unit apartment property; Constructed in 1989; Located at 1850 Apple Valley Dr, Augusta, GA 30906
