Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Gran Ellen Apartment Complex Title is generated by Realmo AI

    495 S Milledge Ave, Athens, GA 30605

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    17-unit apartment complex near UGA campus for sale.

    Type:Multifamily
    Property size:
    11,052 SF
    Price / SF:
    $218/SF
    Added:
    Mar 24, 2026
    Days on Market:
    64
    Last Refresh:
    Mar 25 at 8:36 am

    Property Features for 495 S Milledge Ave

    General Information

    Standard status
    Active
    Size
    11,052 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1953

    We can help!

    Listing Contact
    Josh Chandler
    Josh Chandler

    Listing agent Josh Chandler License #GA 434395

    Listing office Athens Real Estate Group

    Listing date Mar 24, 2026

    Source Crexi

    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

    HighLights

    • Grandfathered status allows for higher unit density.
    • Prime location at the corner of S. Milledge Avenue and Baxter Street, near UGA Campus.
    • 17‑unit apartment complex with a total of 22 beds.
    • History of high occupancy for most units.
    • Mix of unit types: (4) 2 bed/1.5 bath, (1) 2 bed/1 bath, and (12) 1 bed/1 bath.
    • Opportunity for value‑add through extensive renovation.

    Overview

    The Gran Ellen Apartment complex, located at the corner of S. Milledge Avenue and Baxter Street in Athens, GA, is available for purchase. This 17-unit apartment complex contains 22 beds and offers potential for investors. The property is grandfathered in for a higher unit density than allowed by current zoning standards. The unit mix includes (4) 2 bed/1.5 bath units, (1) 2 bed/1 bath unit, and (12) 1 bed/1bath units. The property has a history of high occupancy. All but two units are currently tenant occupied; these two units require significant rehabilitation. The property is offered in AS-IS condition. The property size is 11,052 square feet.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $1.37M
    NOI $123,682 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.77M
    NOI $123,682 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.47M
    NOI $123,682 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $238.7k $21.60
    − Vacancy −$13.8k −$1.25
    EGI $224.9k $20.35
    − OpEx −$101.2k −$9.16
    NOI $123.7k $11.19
    11,052 SF · lease $21.60/SF/yr · vacancy 5.80% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $1.77M
    $1.55M – $2.06M (±1% cap)
    NOI $123,682 @ 7.0% cap · market cap 5.11%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.66M
    $2.33M – $3.11M (±1% cap)
    NOI $186,501 @ 7.0% cap · market cap 7.71%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Athens
    County
    Clarke
    State
    Georgia
    Longitude
    -83.3871972
    Latitude
    33.9495741

    Nearby Similar for Sale

    • $775,000
      3,040 SF

      West Athens Office Condominium

      Office condominium on the west side of Athens.
      3149 Atlanta Highway, Athens, GA 30606
      View Details
    • $1,299,000
      13,278 SF

      Prime Commercial Parcel on Atlanta Highway

      1.5-acre commercial parcel suitable for retail, restaurant, office, and more.
      3180 Atlanta Highway, Athens, GA 30606
      View Details
    • $1,299,000
      13,278 SF

      Prime Commercial Parcel on Atlanta Highway

      1.5-acre commercial parcel suitable for retail, restaurant, office, and more.
      3180 Atlanta Highway, Athens, GA 30606
      View Details
    • $689,000
      7,386 SF

      East Side Duplex Investor Special

      Spacious duplex near UGA Vet School with strong leases.
      1824 Cedar Shoals Drive, Athens, GA 30605
      View Details
    • $1,250,000

      Corner Lot with Redevelopment Potential

      High-visibility corner lot suitable for redevelopment or business use.
      165 Spring Valley Road, Athens, GA 30605
      View Details
    • $975,000
      1,529 SF

      Downtown Athens Retail/Commercial Space

      1,529 SF commercial space in vibrant downtown Athens.
      107 N Jackson Street, Athens, GA 30601
      View Details
    • $260,000
      1,760 SF

      Well-Maintained Duplex Investment Opportunity

      Duplex with strong rental potential near shopping and restaurants.
      170 Ramble Hills Way, Athens, GA 30606
      View Details
    • $884,000
      3,800 SF

      Medical Office Space in Athens

      Flexible medical office space in established Bishop Professional Park.
      700 Sunset Drive, Athens, GA 30606
      View Details
    • $250,000
      1,264 SF

      Solid Brick Duplex in Athens

      Updated duplex near UGA, offering immediate income and long-term flexibility.
      2005 Hollis Street, Athens, GA 30605
      View Details
    • $420,000
      3,700 SF

      Fully Leased Athens Triplex Investment

      Income-producing triplex in Athens, generating $3,100 monthly with leases.
      150 Creekwood Drive, Athens, GA 30606
      View Details
    • $275,000
      1,620 SF

      Partially Updated Income-Producing Duplex

      Duplex with immediate income and future upside potential.
      230/232 Rustwood Drive, Athens, GA 30606
      View Details
    • $7,800,000
      22,000 SF

      Historic Athens Office Building For Sale

      Two-story office building in the Milledge Avenue Historic District.
      337 S Milledge Avenue, Athens, GA 30605
      View Details

    FAQs

    What type of property is this?
    Apartment building - 17-unit apartment complex near UGA campus for sale.
    Where is this apartment building located?
    The property is located at 495 S Milledge Ave Athens, GA.
    What is the asking price?
    The asking price for this property is $2,420,000.
    What are key features of this property?
    This property features: Grandfathered status allows for higher unit density.; Prime location at the corner of S. Milledge Avenue and Baxter Street, near UGA Campus.; 17‑unit apartment complex with a total of 22 beds.
    (706) 207-2521 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Josh Chandler
    Josh Chandler
    Real Estate License ID: GA 434395
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    495 S Milledge Ave, Athens, GA 30605
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!