Property Details
Description
Stavemill Apartments feature 62 Units, constructed between 1982 – 2005. The property sits just off of US Hwy 441 in the heart of Clayton, Georgia. Clayton, the county seat, of Rabun County, is home to many working-class families who have limited options when it comes to rental communities in the area. Stavemill accounts for over 60% of all multifamily inventory in Rabun County, GA. The property has huge organic growth potential due to the limited inventory in the market. A buyer will realize a large increase to the EGI of $58,935 by simply raising the rents of each unit to the “top rent” rate. On top of the organic rent growth, an investor could more aggressively increase rents by completing minor cosmetic renovations to the interior and exterior of the property.
Highlights
- Subject is the only market rate multifamily deal in Clayton, GA
- Closest city to Lake Burton where homes sell for north of $3M
- School district boasts a 7/10 rating according to greatschools.org
- Unique city know as the “Farm to Table Capital of Georgia” that offers residents a walkable downtown full of new boutique restaurants
- Close Proximity to well-known retail names such as; Chick Fil A, Walmart, Ingles & Starbucks
- Ability to generate an additional $100K in annual income purely through organic growth
