Delta Victory Lake Apartments
Closed4241 Hendrix Dr, Forest Park, GA 30297
Property type
Multifamily
Unit / Space count
104
Price
$7,020,000
Building size
110,080 sf
Rentable area
110,080 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
9.68 Acres
Sold/status
Sold · Date unknown
Sale price
$7020000
Bedroom count
Property description
Delta Victory Lake apartments were built in 1965 and represent an opportunity to acquire one of the only townhouse-style apartment complexes in Forest Park. Tenants enjoy large One, Two and Three-bedroom floor plans in a quiet lakeside community on a 9.68 acre lot. The townhomes have maintained strong occupancy and collections with average rents just below $0.64 per foot which is below the market average $0.93 per foot. In addition to the ability to organically raise rents, there is an additional upside opportunity to raise rents by an additional $100/unit through minor cosmetic improvements to the property. Combining the organic rent increase and the rent increase with cosmetic improvements can potentially increase the gross potential income by +/-$270,000. Given Delta Victory Lake has washer/dryer connections in most units, an investor could rent washer & dryers for an additional $45/month. Recent upgrades to the property include a walking path, playground area, and freshly painted doors and awnings. Delta Victory Lake is the perfect stabilized value-add investment that is well below market rents with tremendous upside.
Property highlights
- Spacious One, Two & Three Bedroom Floor Plans
- Close Proximity to Three Major Employment Hubs
- Strong in Place Occupancy and Cash Flow
- Below Market Rents