580 Broad St Athens, GA 30601-2857

Property Details for 580 Broad St

Year built

1890

Lot size

0.68 lot acres

Property size

38,927 SF

Zone code

C-D

Property type

Commercial real estate

APN

17-1-B7 A-001

APU

171B7A001

Description

This exceptional value-add opportunity presents a 36-unit, 119-bed student housing property ideally situated in Athens, Georgia, directly adjacent to the University of Georgia and downtown. The property, encompassing approximately 38,927 square feet on a 0.68-acre lot, boasts 29,930 square feet of net rentable space and currently enjoys 100% occupancy. Originally constructed in 1890 and converted to loft apartments in 1977, the property has undergone significant renovations between 2018 and 2024, including interior and exterior painting, common area upgrades (laundry room, study areas, game room, parcel lockers), HVAC replacements (2023 & 2024), roof resealing (2020), and energy efficiency improvements (2021). The property is zoned C-D. An assumable, non-recourse debt is available at a 4.14% interest rate, with an interest-only payment until December 1, 2026, and a maturity date of December 1, 2031. The current loan balance is $7,467,000, representing a 67% loan-to-value ratio. The property generates substantial annual rental income, currently at approximately $1,065,300 ($746 per bed), projected to increase to $1,098,000 ($768 per bed) in the coming year. This represents a significant increase from previous years and is below market rates for comparable properties, indicating substantial upside potential through further rent increases and value-add opportunities such as furnishing units and offering individual student leases. The University of Georgia's record-breaking enrollment, including a record-high freshman class, further strengthens the property's long-term prospects. This is a compelling investment opportunity in a high-demand market.

Location Insight

City

Athens

County

Clarke

State

Georgia

Longitude

-83.3717

Latitude

33.9582

CBSA code

12020

CBSA name

ATHENS-CLARKE COUNTY, GA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments