111 1St St Fitzgerald, GA 31750
- Small apartment buildings
- 13,952 SF
- 0.86 lot acres
Current Use by Public Records
- Small apartment buildings
Property Details for 111 1St St
- Lot size
- 0.86 lot acres
- Property size
- 13,952 SF
- Property type
- Small apartment buildings
Description
This exceptional multifamily investment opportunity in Fitzgerald, Georgia, presents two all-brick buildings comprising sixteen apartment units. Eight units boast two bedrooms and one bathroom, while the remaining eight offer one bedroom and one bathroom. Currently operating at a 94% occupancy rate, the property generates substantial income. One-bedroom units command a monthly rent of $600, and two-bedroom units rent for $650 per month, resulting in a gross effective annual rent of $120,000. Recent capital improvements enhance the property's value and appeal, including fresh exterior paint, new windows, and new HVAC systems in every unit. Interior renovations are completed on a turnover basis. All units feature individually metered utilities for efficient management. The asking price reflects a compelling 8.66% cap rate, calculated using a 35% operating expense ratio. Situated on a 0.86-acre lot totaling 13,952 square feet, the property is conveniently located just half a mile from downtown Fitzgerald. This well-maintained property offers a strong return on investment and significant upside potential. The property's prime location and recent upgrades make it an attractive opportunity for discerning investors seeking a stable and profitable multifamily asset.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fitzgerald
- County
- Ben Hill
- State
- Georgia
- Longitude
- -83.266933
- Latitude
- 31.7159672
