234 Marietta Hwy - Apartments FOR SALE


Canton, GA 30114
$7,500,000 USD
404-654-2347
234 Marietta Hwy, Canton, GA for Sale
$7,500,000 USD
Apartments - FOR SALE
1/15
null | 6.59% Cap Rate

234 Marietta Hwy
Canton, GA 30114


HIGHLIGHTS

  • Surging Population Growth: Cherokee's population growth outpaced other North Atlanta counties, increasing nearly 96%
  • Proven Value-Add: 66% classic units with $132 proven premiums
  • Ideal Suburban Location: Located less than five minutes from Historic Downtown Canton and I-575
  • Opportunity to Push Rents to Market: Competitors’ rents outpace subject’s average in-place rent by $325
  • Recent Lease Trend: Latest leases renting 9.5% over average in-place rent
  • Ability to get 70% LTV on new Agency debt with sub-5.6% interest rate and partial term i/o

OVERVIEW

Built in 1980, Northwood Apartments is a 52-unit multifamily property located just a 4-minute drive from Downtown Canton. Canton and Cherokee County have seen strong population growth since 2000 (96% increase) making it the fastest growing county in Metro Atlanta. Along with this population explosion has come some great renter demographics, with an average HHI over $90k, 2.3% unemployment and an overall school rating of an A- from Niche. New Class “A” apartments nearby provide ample headroom for new ownership to reposition Northwood as the high-quality value provided in Canton. With a $425 gap between Northwood’s rents and their Class “A” competitors. Current ownership has lightly renovated 5 units with resurfaced countertops, updated appliances, new cabinet fronts, and vinyl flooring, leaving the remainder of the property wide open for new ownership to implement a systematic renovation program. With 76.9% of the floor plans two- and three-bedrooms with full size washer and dryer connections, Northwood is primed to cater to the submarket’s historical demand.

FOR SALE DETAILS

PRICE

$7,500,000 USD

PRICE/SF

$177 USD /SF

# OF UNITS

52

PRICE/UNIT

$144,231

CAP RATE

6.59%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Northwood Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

150

LAND DETAILS

LAND ACRES

4.89 AC

LAND SF

213,008 SF

ZONING

R40, County

APN/PARCEL ID

091N06-0000B-002-000-0000

ASK ABOUT THIS PROPERTY

Ian ShawBerkadia Real Estate AdvisorsMore Info
404-654-2347

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Ian ShawBerkadia Real Estate AdvisorsMore Info
404-654-2347

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.