Well-Maintained 11-Unit Apartment
For Sale
$640,000
917 Oakview Avenue, Columbus, GA 31906
11 well-maintained units with individual water meters, central heat/air, and off-street parking.
Property Size7,214 SF
Price / SF$88.72
Days on Market175
Property Features for 917 Oakview Avenue
General Information
Standard status
Active
Size
7,214 SF
Property subtype
General Commercial
Occupancy
27%
Additional Details
Furnished
Yes
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$12,476
Amenities
on-site courtesy laundromat
private dumpster
off-street parking
Central Air, Electric, Wall Air Conditioning
3
Hardwood, Tile, Vinyl, Laminate
Composition
Parking.
Other Parking, Lot.
23086.80078125
Residence.
Building Details
Year Built
1915
Tenancy
Multi
Listing Agency:
(706) 412-9420
Listed By:
Normand Real Estate
(706) 412-9420
Source:
Xome
Added: Feb 16
Changed: Aug 7
Last Checked: Aug 10 at 2:28AM
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 Normand Real Estate
Investment Insights
Based on property information with market context.
This is a very well maintained 11-unit multifamily property featuring all one-bedroom, one-bath units. The building includes three units currently occupied for immediate cash flow, six move-in-ready units that are described as fully furnished, and two units that are fully gutted and ready for quick renovation. Additional improvements cited include a new roof. Each unit is separately metered with its own water meter and is equipped with central heat/air.
The property also includes an on-site courtesy laundromat and a private dumpster service, along with plenty of off-street parking. Located at 917 Oakview Avenue Unit 1, 2, 5 in Columbus, GA, the building is minutes from downtown Columbus and is directly across from the Columbus Museum, with restaurants, schools, shopping, parks, and major travel routes within steps.
From a layout and unit-status standpoint, the mix of occupied, move-in-ready, and gutted units provides a straightforward framework for a new owner to manage current income while completing renovations on the remaining units.
The property also includes an on-site courtesy laundromat and a private dumpster service, along with plenty of off-street parking. Located at 917 Oakview Avenue Unit 1, 2, 5 in Columbus, GA, the building is minutes from downtown Columbus and is directly across from the Columbus Museum, with restaurants, schools, shopping, parks, and major travel routes within steps.
From a layout and unit-status standpoint, the mix of occupied, move-in-ready, and gutted units provides a straightforward framework for a new owner to manage current income while completing renovations on the remaining units.
Key Highlights
- 11‑unit multifamily built in 1915, all 1BR/1BA units
- Each unit has its own water meter and central heat/air
- Three units currently occupied; six move‑in‑ready and fully furnished; two units fully gutted for renovation
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
$57,873
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
9.04%
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%
$1,157,460
$1.2M
Cap Rate 7%
$826,757
$826.8K
Cap Rate 9%
$643,033
$643.0K
Market Conditions
NOI Build-Up for 7,214 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
$112.5K $15.60/SF
− Vacancy
−$7.3K −$1.01/SF
EGI
$105.2K $14.59/SF
− OpEx
−$47.4K −$6.56/SF
NOI
$57.9K $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%
$1,157,460
Cap Rate 7%
$826,757
Cap Rate 9%
$643,033
Alternative Uses
Best Use
Apartment 5plus
$826.8K
$723.4K – $964.6K
NOI $57,873 @ 7.0% cap · market cap 9.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,990 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
27.3%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
Explore this area
Business Placement
Demographics for 31906, GA
21,835
Population
11,046
Households
2
Avg Household Size
38
Median Age
31%
College-Educated
86%
High-School Grad
6.9 sq mi
ZIP Area
3,164
Density / Sq Mi
$41,913
Median Household Income
$35,820
Median Earnings
$872
Median Rent
$170,400
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 - 11 well-maintained units with individual water meters, central heat/air, and off-street parking.
Where is this apartment building located?
The property is located at 917 Oakview Avenue Columbus, GA.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 11‑unit multifamily built in 1915, all 1BR/1BA units; Each unit has its own water meter and central heat/air; Three units currently occupied; six move‑in‑ready and fully furnished; two units fully gutted for renovation
