Building Details

Year Built 1985

Listing Agency: NAI Elrod Group

Listed By: Brian Elrod · License ##251606 Show Phone

Source: Wadehouse

Added: Aug 20 Changed: Oct 6 Last Checked: Oct 7 at 1:39PM

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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 NAI Elrod Group

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Investment Insights

Based on property information with market context.

This 28-unit apartment property includes a uniform mix of one-bedroom, one-bath residences within a 14,760 SF building constructed in 1985. The complex sits on 1.49 acres and is currently 100% occupied. A separate 1,500 SF single-family residence is also located on the site, with possible conversion to a duplex subject to applicable zoning.

The property is at 524 Vine Street in Athens-Clarke County and is directly accessible from Vine Street. Downtown Athens and the University of Georgia campus are each less than a mile away, while Athens Regional Medical Center is also nearby. The property is zoned RM-2, Multi Family, and benefits from proximity to downtown employers, transit routes, and the university campus.

Key Highlights

• 28 one‑bedroom, one‑bath apartment units
• 14,760 SF building constructed in 1985
• 100% occupied apartment complex

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$165,179

Cap Rate

7.34%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,303,580 $3.3M

Cap Rate 7%

$2,359,700 $2.4M

Cap Rate 9%

$1,835,322 $1.8M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,760 SF

Gross rent

$318.8K $21.60/SF

− Vacancy

−$18.5K −$1.25/SF

EGI

$300.3K $20.35/SF

− OpEx

−$135.1K −$9.16/SF

NOI

$165.2K $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 Rate 5%

$3,303,580

Cap Rate 7%

$2,359,700

Cap Rate 9%

$1,835,322

Alternative Uses

Best Use

Apartment 5plus

$2.36M

$2.06M – $2.75M (±1% cap)

NOI $165,179 @ 7.0% cap · market cap 7.34%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.56M

$3.11M – $4.15M (±1% cap)

NOI $249,073 @ 7.0% cap · market cap 11.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Dental Office Real Estate Agency Law Firm Skin Care Clinic HVAC Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

320

Businesses Nearby

Explore this area Business Placement

Demographics for 30601, GA

25,036

Population

11,634

Households

2.2

Avg Household Size

28

Median Age

37%

College-Educated

84%

High-School Grad

23.4 sq mi

ZIP Area

1,070

Density / Sq Mi

$37,357

Median Household Income

$24,639

Median Earnings

$1,198

Median Rent

$213,300

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Consistent one-bedroom unit mix with full occupancy and RM-2, Multi Family zoning in East Athens.

Where is this apartment building located?

The property is located at 524 Vine St Athens, GA.

What is the asking price?

The asking price for this property is $2,250,000.

What are key features of this property?

This property features: 28 one‑bedroom, one‑bath apartment units; 14,760 SF building constructed in 1985; 100% occupied apartment complex