Georgetown Apartments Near UGA
For Sale
$3,250,000
Pending
350 South Pope Street, Athens, GA 30605
22-bed, 10-unit complex near UGA with high occupancy.
Property Size15,525 SF
Days on Market166
Property Features for 350 South Pope Street
General Information
Standard status
Pending
Size
15,525 SF
Property subtype
Residential Income / Multi Family
Taxes and HOA fees
Annual Taxes
$21,061
Amenities
Other, Tile, Vinyl
Gas Water Heater
Asphalt, Composition
Building Details
Year Built
1968
Listing Agency:
Athens Real Estate Group
(706) 549-7417
Listed By:
Josh Chandler · License #434395
(706) 549-7417
Source:
Compass
Added: Mar 20
Changed: Aug 23
Last Checked: Jul 26 at 1:48PM
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 Athens Real Estate Group
Investment Insights
Based on property information with market context.
The Georgetown Apartment complex, located near downtown Athens, GA, and the UGA campus, features 10 units with 22 beds. The property is grandfathered in for a higher unit density than allowed by current zoning standards. The complex consists of eight 2-bed/2-bath units and two 3-bed/2-bath units. The units have a history of high occupancy, with all but one unit currently tenant-occupied; this unit requires significant rehabilitation. The property includes off-street parking with a mix of open and covered spaces, and a central on-site laundry center. The property is being offered in AS-IS condition, with ownership recognizing the need for extensive renovation to drive the property to its full market potential. There is potential for conversion to upscale condo units for resale without changing density count, given the proximity to UGA and Downtown Athens. The property size is 15525 square feet.
Key Highlights
- Grandfathered status allows for higher unit density than current zoning permits, offering significant investment upside.
- Proximity to UGA and Downtown Athens makes it attractive to students and young professionals.
- High historical occupancy rates demonstrate strong rental demand.
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
$173,740
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
5.35%
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%
$3,474,800
$3.5M
Cap Rate 7%
$2,482,000
$2.5M
Cap Rate 9%
$1,930,444
$1.9M
Market Conditions
NOI Build-Up for 15,525 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
$335.3K $21.60/SF
− Vacancy
−$19.4K −$1.25/SF
EGI
$315.9K $20.35/SF
− OpEx
−$142.2K −$9.16/SF
NOI
$173.7K $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%
$3,474,800
Cap Rate 7%
$2,482,000
Cap Rate 9%
$1,930,444
Alternative Uses
Best Use
Apartment 5plus
$2.48M
$2.17M – $2.90M
NOI $173,740 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.74M
$3.27M – $4.37M
NOI $261,983 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,209
Businesses Nearby
Explore this area
Business Placement
Demographics for 30605, GA
43,205
Population
18,387
Households
2.3
Avg Household Size
28
Median Age
53%
College-Educated
91%
High-School Grad
38.2 sq mi
ZIP Area
1,131
Density / Sq Mi
$48,188
Median Household Income
$24,933
Median Earnings
$1,104
Median Rent
$279,200
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 - 22-bed, 10-unit complex near UGA with high occupancy.
Where is this apartment building located?
The property is located at 350 South Pope Street Athens, GA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Grandfathered status allows for higher unit density than current zoning permits, offering significant investment upside.; Proximity to UGA and Downtown Athens makes it attractive to students and young professionals.; High historical occupancy rates demonstrate strong rental demand.
