28-Unit Apartment
For Sale
$2,250,000
524 Vine St, Athens, GA 30601
Consistent one-bedroom unit mix with full occupancy and RM-2, Multi Family zoning in East Athens.
Property Size14,760 SF
Price / SF$152.44
Days on Market83
Property Features for 524 Vine St
General Information
Standard status
Active
Size
14,760 SF
Property subtype
Residential Income
Listing Agency:
NAI Elrod Group
(678) 859-6110
Listed By:
Brian Elrod · License ##251606
(678) 859-6110
Source:
Exprealty
Added: Jun 11
Changed: Aug 31
Last Checked: Aug 31 at 7:56PM
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
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.
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 = 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
$165,179
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
7.34%
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%
$3,303,580
$3.3M
Cap Rate 7%
$2,359,700
$2.4M
Cap Rate 9%
$1,835,322
$1.8M
Market Conditions
NOI Build-Up for 14,760 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
$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 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%
$3,303,580
Cap Rate 7%
$2,359,700
Cap Rate 9%
$1,835,322
Alternative Uses
Best Use
Apartment 5plus
$2.36M
$2.06M – $2.75M
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
NOI $249,073 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
