234 Marietta Hwy Canton, GA 30114

Property Details for 234 Marietta Hwy

Year built

1980

Lot size

4.89 lot acres

Property type

Commercial real estate

Description

This exceptional 52-unit apartment building, known as Northwood, presents a compelling value-add investment opportunity in the thriving Canton, Georgia market. Built in 1980 and renovated in 2022, the property boasts 41,400 square feet of net rentable space spread across four, two-story buildings situated on a 4.89-acre lot. Currently operating at 100% occupancy (as of May 30, 2024), the property generates a strong NOI of $489,400, with a pro-forma NOI projected at $573,816, reflecting a potential cap rate increase from 6.53% to 7.65%. The property is zoned RM-15 and enjoys a prime location less than five minutes from Historic Downtown Canton and I-575, offering convenient access to major transportation routes. With 70% of units being classic units, there's a proven opportunity to increase rental income by $117 per unit. The current average in-place rent is significantly below market rates, with recent leases showing a 14% increase over the average. This presents a substantial opportunity to push rents closer to market levels, potentially adding $325 per unit. The property's strong location in Cherokee County, a high-growth area with a surging population (nearly 96% increase), and the absence of an eviction backlog, further enhances its investment appeal. The asking price is $7,500,000, translating to $144,230.77 per unit. This represents a compelling investment in a rapidly appreciating market, offering significant potential for future returns.