Madison Boutique Apartments
Closed3494 Madison St, College Park, GA 30337
Property type
Multifamily
Unit / Space count
21
Price
$3,650,000
Building size
26,560 sf
Rentable area
19,950 SF
Year built
1961
Year renovated
Occupancy
Zoning code
Lot size
0.44 Acres
Sold/status
Sold · Date unknown
Sale price
$3650000
Bedroom count
CAP
5.04%
Property description
Franklin Street is pleased to present Madison Boutique Apartments, a quaint 21-unit garden-style apartment community located in College Park, GA and built in 1961. The property’s unit mix is comprised entirely of Two-Bedroom floorplans at a spacious size of 950 SF. The majority of the units have been renovated by the current owner since the beginning of 2022, but a portion of the units are still of a “classic” interior finish leaving oncoming ownership the potential to complete renovations and capture the proven rent premium available.
Property highlights
- High Quality Renovations:
- - Several unit interiors have been renovated to the highest standard. They include new flooring throughout, stainless or black appliances, shaker cabinets, tile backsplash, kitchen islands, and granite/hardwood countertops.
- - The bathrooms have been updated to include tile backsplash, white
- shaker cabinets, and tile showers.
- - The current owner strives to provide both an attractive and safe living
- environment. In turn, they’ve installed a fence around the perimeter
- and added an electric gate. Exterior lighting and landscaping were
- added to the exteriors as well.
- - The greenspace on the property grounds has been converted to
- outdoor common areas outfitted with cabana seating, fire pits, sun
- umbrellas, picnic tables, rocking chairs, and lush landscaping.
- Location:
- - Education:
- - Woodward Academy (0.8 mi)
- - Jobs:
- - Hartsfield-Jackson International Airport (2.8 mi)
- - Transportation:
- - Hartsfield-Jackson International Airport (2.8 mi)
- - I-85 (2.9 mi)
- - Virginia Ave. & Madison St. Bus Stop (200 feet)
- - College Park Transit Station (1.1 mi)
- - Dining:
- - Virginia Ave. Corridor (200 feet)
- - Manchester Arms, Bole Ethiopian, Drip-Thru Coffee, Mellow
- Mushroom, and Louisiana Bistreaux
- Value Add Opportunity:
- - 7 of the 21 units (33%) still have a “classic” interior finish leaving
- the opportunity for oncoming ownership to complete the value-add
- program implemented under the current ownership.
- - The most recently signed leases for renovated units are at $1,650/
- month which represent a $132/month premium (8.7%) to the classic
- units’ average rent of $1,518.
- - Furthermore, the interior renovations have resulted in lower overall
- maintenance expenses as evidenced by the property’s 63% NOI
- Margin. For reference, the average NOI Margin in broader Atlanta
- has pulled back towards 55%, particularly for apartments of this
- vintage.