700 1st NE St Moultrie, GA 31768

Property Details for 700 1st NE St

Year built

1950

Lot size

0.43 lot acres

Property size

495 SF

Property type

Office Properties & Spaces

APN

M023 191

APU

M023191

Description

This exceptional stabilized multifamily investment opportunity presents a 22-unit apartment building in Moultrie, Georgia. The property boasts a 100% occupancy rate as of July 1, 2024, generating a strong net operating income (NOI) of $151,515, resulting in a 7.3% capitalization rate. Comprising six buildings situated on a 1.75-acre lot, this property features a mix of unit sizes, including fourteen 2-bedroom/1-bathroom units, four 3-bedroom/2-bathroom units, and four 1-bedroom/1-bathroom units. All units are individually metered for utilities, simplifying management and tenant billing. Recent renovations (2022) enhanced the interiors with luxury vinyl plank (LVP) flooring, fresh paint, updated central HVAC systems, and stylish designer appliances and fixtures. Original architectural details such as crown molding, built-ins, and extra closet space add character and appeal. The buildings themselves are well-maintained, featuring metal roofing on the two-story brick structures and vinyl siding on the one-story buildings, promising minimal future maintenance. The property is zoned R-3 and conveniently located approximately 0.5 miles from downtown Moultrie, offering easy access to employment, retail, schools, and other amenities. This turnkey investment presents a compelling opportunity for immediate cash flow and potential value appreciation. The asking price is $2,075,000, with a price per unit of $94,318.18 and a price per square foot of $86.76. The property consists of 23,916 square feet across six buildings, each two stories high, situated on three adjacent parcels. The location on a public dead-end street enhances security and neighbor monitoring.