Property Details for 100 Cross Creek Dr

Year built

1989

Property size

999 SF

Property type

Residential income homes

Description

This exceptional 80-unit multifamily investment opportunity, known as Cross Creek, presents a compelling value-add proposition in the rapidly growing LaGrange, Georgia market. Comprising 40 all-brick duplex buildings, each a single story, totaling 79,902 net rentable square feet, this Class B property boasts a current occupancy rate of 94%, projected to reach 97.5% by September 12, 2024. Built in 1989, the property offers a mix of two-, three-, and four-bedroom units, averaging 999 square feet each. The asking price is $8,200,000, or $102,500 per unit, representing a current cap rate of 6.3% and a pro-forma cap rate of 8.11%. A significant advantage is the current average effective rent trailing competitors by $165, presenting a clear opportunity to increase revenue. The property's location is highly desirable, situated just 3.5 miles from the upcoming 200-acre West Georgia Inland Port project (completion in 2026), a 6-minute drive to downtown LaGrange, and within walking distance of the George Harris Sports Complex. Furthermore, it's a 3-minute drive from Mountville Mills, a significant employer adding 900 jobs. The current owner has made substantial capital improvements. Detailed financial information, including operating statements and rent rolls, is available upon request. This property offers a unique opportunity to capitalize on strong rent growth averaging 5.96% annually over the past five years in a supply-constrained market with a housing ratio of 3.3%. The potential for rent increases is further supported by the fact that average monthly mortgage payments for homes in the area exceed Cross Creek's market rent by $1,386. The property is being sold without seller financing or debt assumption.

Location Insight

City

LaGrange

County

Troup

State

Georgia

Longitude

-85.0041

Latitude

33.0288