Renovated Apartment
For Sale
Contact for pricing
218 W Hill Ave, Valdosta, GA 31601
Downtown multifamily property with rebuilt units, on-site offices, tenant laundry, and Housing Choice Voucher participation.
Property Size13,602 SF
Price / SF$197.03
Days on Market179
Property Features for 218 W Hill Ave
General Information
Standard status
Active
Size
13,602 SF
Property subtype
Multifamily
Zoning
C-C
Occupancy
100%
Units
Unit Mix
36 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
38
Additional Details
Asking Price
$2,680,000
Amenities
on-site tenant laundry room
property-wide Wi-Fi
dumpster service
hot water provided
Building Details
Year Built
1978
Year Renovated
2023
Stories
2
Units
40
Listing Agency:
Coldwell Banker Commercial Premier Real Estate
(229) 244-3535
Listed By:
John Courson · License #342868
Source:
Crexi
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 30 at 5:52PM
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 Commercial Premier Real Estate
Investment Insights
Based on property information with market context.
This 13,602-square-foot apartment building contains 40 total units, including 38 residential apartments and two on-site offices. The residential mix comprises 36 one-bedroom, one-bath units and two two-bedroom, one-bath units. Originally built in 1978 as a motel, the property was fully gutted and converted to apartment use in 2022. Each apartment includes a kitchenette with a mini-refrigerator, two-burner electric cooktop, and microhood vent system, along with updated cabinetry, flooring, fixtures, and lighting.
The property is located on the west side of downtown Valdosta, just east of the Oak Street and Hill Avenue intersection. Residential units are individually metered for electricity and billed directly to tenants by Georgia Power. Ownership provides hot water, property-wide Wi-Fi, and dumpster service, while an on-site laundry room serves residents. A Duro-Last commercial roof was installed in 2025 and carries a transferable 20-year warranty. The property operates through the federally funded Housing Choice Voucher program and is zoned C-C.
The property is located on the west side of downtown Valdosta, just east of the Oak Street and Hill Avenue intersection. Residential units are individually metered for electricity and billed directly to tenants by Georgia Power. Ownership provides hot water, property-wide Wi-Fi, and dumpster service, while an on-site laundry room serves residents. A Duro-Last commercial roof was installed in 2025 and carries a transferable 20-year warranty. The property operates through the federally funded Housing Choice Voucher program and is zoned C-C.
Key Highlights
- 40 total units: 38 residential apartments and 2 on‑site offices
- 36 one‑bedroom/one‑bath units and 2 two‑bedroom/one‑bath units
- Apartments fully rebuilt during a 2022 motel‑to‑apartment conversion
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
$81,681
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
3.05%
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%
$1,633,620
$1.6M
Cap Rate 7%
$1,166,871
$1.2M
Cap Rate 9%
$907,567
$907.6K
Market Conditions
NOI Build-Up for 13,602 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
$158.3K $11.64/SF
− Vacancy
−$9.8K −$0.72/SF
EGI
$148.5K $10.92/SF
− OpEx
−$66.8K −$4.91/SF
NOI
$81.7K $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%
$1,633,620
Cap Rate 7%
$1,166,871
Cap Rate 9%
$907,567
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,681 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.41M
NOI $144,551 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
38
Residential units
Location Intelligence
Trade Area within ½ mile
1,126
Businesses Nearby
Explore this area
Business Placement
Demographics for 31601, GA
32,331
Population
14,345
Households
2.3
Avg Household Size
33
Median Age
15%
College-Educated
82%
High-School Grad
159.0 sq mi
ZIP Area
203
Density / Sq Mi
$34,846
Median Household Income
$28,878
Median Earnings
$872
Median Rent
$112,600
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 - Downtown multifamily property with rebuilt units, on-site offices, tenant laundry, and Housing Choice Voucher participation.
Where is this apartment building located?
The property is located at 218 W Hill Ave Valdosta, GA.
What is the asking price?
The asking price for this property is $2,680,000.
What are key features of this property?
This property features: 40 total units: 38 residential apartments and 2 on‑site offices; 36 one‑bedroom/one‑bath units and 2 two‑bedroom/one‑bath units; Apartments fully rebuilt during a 2022 motel‑to‑apartment conversion
