145 Gross Rd Kingsland, GA 31548-6250

Property Details for 145 Gross Rd

Year built

1984

Construction

WOOD

Lot size

3.93 lot acres

Property size

4,656 SF

Zone code

R-3

Property type

Commercial real estate

APN

107 016

APU

107016

Description

This exceptional 118-unit apartment building in Kingsland, Georgia presents a compelling value-add investment opportunity. Built in 1985, the property comprises 74,625 square feet across 16 buildings, each one story high. Currently boasting a 98% occupancy rate and an average rent of $928, the property offers significant upside potential. The current owners have invested approximately $690,000 in deferred maintenance, including roof and subfloor replacements, minimizing future capital expenditures for the new owner. A comprehensive value-add program is recommended, focusing on interior renovations to 104 of the units (88%). These upgrades, including luxury vinyl plank flooring, updated cabinetry and appliances, and fresh paint, are projected to increase rents by $100-$200 per month, depending on unit size, aligning with comparable properties averaging $1,155 in rent. This strategic renovation plan, coupled with the property's strong occupancy and prime location near major employment centers and retail amenities, is poised to deliver exceptional returns. Financial projections indicate a year-one leveraged cash-on-cash return of approximately 7.5%, with unleveraged and leveraged IRRs ranging from the mid-teens to over 20%. The property's location in a high-growth region, minutes from Kingsland's employment centers and within commuting distance of Jacksonville, Florida, further enhances its appeal. This is a rare opportunity to acquire a well-maintained multifamily asset with substantial value-add potential in a desirable market.

Location Insight

City

Kingsland

County

Camden

State

Georgia

Longitude

-81.6429

Latitude

30.7896

CBSA code

41220

CBSA name

ST. MARYS, GA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments