Clara Point Apartments // 56 Units // Augusta, GA

All offering materials are of confidential nature, intended for use by a limited number of parties and furnished solely for the purpose of considering the acquisition of the Property described herein. You agree that you will hold and treat all Offering Downloads in the strictest confidence. No representation is made by owner or powell.group as to the accuracy or completeness of the information contained herein and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. The information contained within has been obtained from sources that we deem reliable, and we have no reason to doubt its accuracy; however, no warranty or representation expressed or implied is made by powell.group or any related entity as to the accuracy or completeness of the information contained herein. Prospective purchasers are expected and encouraged to exercise independent due diligence in verifying all such information. Included herein are projections, opinions, assumptions, or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Owner and powell.group each expressly reserve the right, at their sole discretion, to reject any, or all expressions of interest or offers regarding the Property, and/or terminate discussions with any entity at any time, with, or without notice.

Summary

Clara Point Apartments is a 56 unit market rate multifamily property containing seven (7) eight (8) Unit buildings along with a leasing office/common laundry facility; located in central Augusta in the best public school district. This offering is poised for a strong lease up program as, current ownership has proved the concept in units newly renovated.

300 Applecross Dr. Martinez, GA

TMS# :: 083 016B

Flood Zone :: X (Firmette)

Acreage :: 4.06

Construction :: Brick

Vintage :: 1971

Roof Age :: 2021

HVAC :: Central

Electricity :: Individually Metered

Water/Sewer :: Master Meter, Landlord pays

Plumbing :: PVC

Laundry :: Common Facility on Site

Appliances :: Electric Range, Refrigerator, Formica Counters

Cable/Internet :: Broadband provided by Landlord

Unit Mix :: All 2 Bed 1 Bath

Unit Size(s):: ±950sf

# of Buildings :: 8

GBA :: 52,725sf

Windows :: Aluminum Frame Sliders

Parking :: 103 Spaces

Floors :: Vinyl Plank /Tile/Carpet

Contact // Buckley T Powell // email // cell

Rents

All leased units are at a rate of $900/mo. Tenants are responsible for electricity only.

Occupancy/Vacancy

The subject property is only 60% occupied as of October 2022 as it is under renovation of 20+ units.

T-12 NOI

Trailing Twelve Months Net Operating Income is $393,433.

T-12 EGR

The effective gross income for the past 12 months is $488,890. It is evident that vacancy has increased over this period, as the monthly EGR decreased from $49,480 in September 2021 to only $31,365 as of August 2022.

Capex

Landlord’s improvements include; New Metal Roof, new Appliances and HVAC units, New flooring, Plumbing, and various other Interior and Exterior Improvements.

Expenses

The subject property runs at a lean expense ratio, common for a property undergoing renovations. However, Utilities alone for the TTM period total $49,597 or $885/unit.

Financial Summary

It is evident there is potential to improve the performance of this property. Namely, the rent roll is in need of stabilization and rents at Clara Point appear to be below its contemporaries.

Contact // Buckley T Powell // email // cell

Greatschools.org® Assigned School Ratings:

Martinez Elementary :: 7/10 :: 2.4 miles

Lakeside Middle School :: 4/10 :: 3.2 miles

Lakeside High School :: 7/10 :: 3.3 miles

Proximities:

Publix :: 2.4 miles

Walmart :: 1.6 miles

Lowes :: 1.5 miles

Starbucks :: 2.1 miles

Chipotle :: 2.8 miles

Qualitative Summary & Proximities

 

Gallery

Comparables

Rent Comps

Rents in the Augusta multifamily market for 2-3 star properties is just below $1/psf. Among the 13 rent comparables (Costar provided), Clara Point appears to be on the lower end of the scale. The highest comp on the list is Petersburg Square, which is a 60 unit property less than half of a mile away of similar vintage and construction.

Sale Comps

Prior sales in the Augusta market are a mixed bag. Stabilized properties have traded well north of $100k/unit, with 2 standout comps trading at $141k/unit and 164k/unit respectively. . Condition of these properties upon sale however are unknown.

Aerials

Contact // Buckley T Powell // email // cell