1418 Burgess Dr Dalton, GA 30721

Property Details for 1418 Burgess Dr

Year built

1959

Lot size

11.54 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two multifamily properties in Dalton, Georgia: Strawberry Commons and New Georgian Apartments. Together, these complexes comprise 152 units boasting a remarkable 94% occupancy rate. The New Georgian, built in 1968, features 112 units across 14 two-story buildings situated on 8.48 acres. Amenities include a pool, playground, dog park, and on-site workout and laundry facilities. The buildings are wood-frame with brick exteriors and metal roofs (approximately 15 years old), featuring split-system heating and cooling, copper piping, and 233 parking spaces. A 3.72% agency debt assumption is available with a principal balance of $8,800,000, an interest-only period expiring August 2025, and a 30-year amortization after that. Strawberry Commons, a 39-unit complex on 3.09 acres, underwent a gut renovation in 2003. Built in 1959, it offers a playground, picnic area, and 69 parking spaces. Recent improvements include new balconies and stairs (within the last 6 years) and a metal roof on the loft (last 5-6 years). Individual unit water and electricity metering is in place, along with copper piping and wiring, and split-system HVAC. A 3.91% agency debt assumption is available with a current principal balance of $1,986,294.98, a 30-year amortization, and a step-down prepayment schedule. Both properties offer attractive agency debt assumption terms. The properties are conveniently located in Northwest Georgia, a 25-30 minute drive from Chattanooga, TN, and approximately 78 miles north of Atlanta, GA. All cash purchase is required at closing.

Location Insight

City

Dalton

County

Whitfield

State

Georgia

Longitude

-84.94337654

Latitude

34.77377451