Bought with NON MLS SALES NON MLS SALES • NON MLS OFFICE
$775,000
$775,000
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1197 Melody Lane & Joree Street Valdosta, GA 31601
12,996 SqFt
Key Details
Sold Price $775,000
Property Type Multi-Family
Sub Type Multi Unit
Listing Status Sold
Purchase Type For Sale
Square Footage 12,996 sqft
Price per Sqft $59
MLS Listing ID 128384
Sold Date 04/26/22
HOA Y/N No
Annual Tax Amount $4,415
Tax Year 2021
Lot Size 0.890 Acres
Property Sub-Type Multi Unit
Property Description
14 door investment over two adjacent properties in central Valdosta location. Great rental history and strong market demand as part of the Stone Creek Apartment community - 1197 Melody Lane - Ten 2BR/1.5BA units all under one roof with the same townhome footprint - bedrooms and bathroom upstairs and LR, kitchen and half bath down. Next door is 1198 Joree Street - 4-plex of 1BR/1BA large 792 sf flat units. Regularly at 100% occupancy, close to VSU (11,500 enrollment), shopping, jobs, retail, entertainment, restaurants etc all around. Many long term residents on month to month leases / expiration dates approaching allow buyer to bump rents to market rates immediately OR just over time as units turn. 8.59% proforma cap rate with $695/mo market rents for the 2/1.5s and $575 on 1/1s; 40% operating expense factor. Rent Roll available, each can be bought separately See MLS #
Location
State GA
Area 4-S Baytree Rd To W Oak St To S Hill Ave (Ctylmts)
Zoning R-M
Interior
Interior Features Other
Heating Electric
Cooling Carpet, Luxury Vinyl, Vinyl
Flooring Carpet, Luxury Vinyl, Vinyl
Exterior
Exterior Feature Other
Pool None
Roof Type Shingle
Porch Other-See Remarks
Building
Story Two
Sewer Public Sewer
Water Public
Others
Tax ID multiple
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