
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
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.
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
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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.