Renovated Apartment Building
For Sale
$2,550,000
3815 Baker Plaza Dr, Columbus, GA 31903
Five Oaks Apartments is fully stabilized and recently renovated, with roofs, HVAC, and interiors updated.
Property Size29,000 SF
Days on Market97
Property Features for 3815 Baker Plaza Dr
General Information
Standard status
Active
Size
29,000 SF
Property subtype
Multifamily
Amenities
100% occupied
Below market rents
New roofs, additional exterior and interior improvements
New high school and additional developments adjacent to property
Area to add a neighborhood amenity or laundry room
Building Details
Building Size
29,000 SF
Units
40
Listing Agency:
Atlanta Office
Listed By:
Joe Mitchell · License #License(s): GA: 389970
(678) 808-2715
Source:
Marcusmillichap
Added: Jun 3
Changed: Aug 25
Last Checked: Sep 7 at 4:51AM
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 Atlanta Office
Investment Insights
Based on property information with market context.
Five Oaks Apartments is a fully stabilized multifamily asset in Columbus, GA, presented for sale by Marcus & Millichap. The property has completed approximately $450,000 in renovations, including roof, HVAC, and interior improvements. Current operations reflect rent levels that are approximately $100 below market, supporting an operational value-add focus.
The offering is positioned in a major Georgia secondary market with local economic support cited through major companies and Fort Moore military base. The City of Columbus is described as growing faster than other parts of the state, supported by projects in manufacturing, tech, and aerospace, including a multi-billion dollar data center investment. The remarks also note ongoing downtown renovation and a plan to continue job creation.
This is a cash-flowing, stabilized apartment property with recent capital improvements to support continued operations.
The offering is positioned in a major Georgia secondary market with local economic support cited through major companies and Fort Moore military base. The City of Columbus is described as growing faster than other parts of the state, supported by projects in manufacturing, tech, and aerospace, including a multi-billion dollar data center investment. The remarks also note ongoing downtown renovation and a plan to continue job creation.
This is a cash-flowing, stabilized apartment property with recent capital improvements to support continued operations.
Key Highlights
- Five Oaks Apartments in Columbus, GA; built in 1971
- Recently renovated with around a $450k renovation, including roofs, HVACs, and interior updates
- Fully stabilized apartment asset with rents around $100 below market
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
$232,647
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
9.12%
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%
$4,652,940
$4.7M
Cap Rate 7%
$3,323,529
$3.3M
Cap Rate 9%
$2,584,967
$2.6M
Market Conditions
NOI Build-Up for 29,000 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
$452.4K $15.60/SF
− Vacancy
−$29.4K −$1.01/SF
EGI
$423.0K $14.59/SF
− OpEx
−$190.3K −$6.56/SF
NOI
$232.6K $8.02/SF
Area
Columbus, GA
Vacancy
6.50%
Lease Rate
$15.60 /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%
$4,652,940
Cap Rate 7%
$3,323,529
Cap Rate 9%
$2,584,967
Alternative Uses
Best Use
Apartment 5plus
$3.32M
$2.91M – $3.88M
NOI $232,647 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.49M
$5.68M – $7.57M
NOI $454,215 @ 7.0% cap · market cap 17.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Explore this area
Business Placement
Demographics for 31903, GA
20,703
Population
9,593
Households
2.2
Avg Household Size
34
Median Age
8%
College-Educated
76%
High-School Grad
10.0 sq mi
ZIP Area
2,070
Density / Sq Mi
$29,488
Median Household Income
$27,063
Median Earnings
$873
Median Rent
$75,500
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 - Five Oaks Apartments is fully stabilized and recently renovated, with roofs, HVAC, and interiors updated.
Where is this apartment building located?
The property is located at 3815 Baker Plaza Dr Columbus, GA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Five Oaks Apartments in Columbus, GA; built in 1971; Recently renovated with around a $450k renovation, including roofs, HVACs, and interior updates; Fully stabilized apartment asset with rents around $100 below market
