Park View
Closed113-119 Forest Ave, Toccoa, GA 30577
Property type
Multifamily
Unit / Space count
16
Price
Subject to Offer
Building size
16,000 sf
Rentable area
16,000 SF
Year built
1987
Year renovated
Occupancy
Zoning code
Lot size
1.53 Acres
Sold/status
Sold · Date unknown
Bedroom count
CAP
6.43%
Net Operating Income
$99,610
Property description
Park View is a 16-unit garden community built in 1987 with renovations in 2022. The property is located in Toccoa, GA and on the foothills of the Blue Ridge Mountains in northeast Georgia. The property offers large 2-bedroom / 2-bathroom floor plans in a growing submarket. The property also provides quick and convenient access to downtown Historic Toccoa, Toccoa Falls University, North Georgia Technical College, and Stephens County Hospital. It is conveniently located near I-85 and Amtrak’s Crescent transportation system, facilitating access to major metro areas. 9 units have been renovated, leaving 7 units available to upgrade and increase value.
Property highlights
- VALUE ADD OPPORTUNITY AND LOW IN-PLACE RENTS
- Opportunity to substantially increase rents to market rates
- Seven units have yet to be renovated. Updates to unit finishes can add considerable value to the property
- Ability to update the parking lot, roofing, and landscaping to increase value as well
- PROXIMITY TO EMPLOYMENT CENTERS, TRANSPORTATION, AND ATTRACTIONS
- Growing demand for workforce housing in Toccoa due to its proximity to growing industrial centers including: Toccoa Industrial Park, Meadowbrook Industrial Park, and Hayestone Brady Business Park
- Founded and headquartered in Toccoa, 1st Franklin Financial Corporation is a financial services company with more than 1,300 employees
- Close proximity to K-12 schooling including: Stephens County High School, Stephens County Middle School, Toccoa Elementary, Liberty Elementary, and more.
- Amtrak’s Crescent transportation system connects Toccoa with the several major metros: New York, Philadelphia, Baltimore, Washington, Charlotte, Atlanta, Birmingham, and New Orleans.
- Toccoa offers more than 75 national and local stores, an award-winning downtown, and suburban shopping centers.
- Received Georgia Exceptional Main Street (GEMS) Community designation from the Georgia Department of Community Affairs in 2021 and 2014, the highest designation awarded in the state
- Located near incredible hiking trails and beautiful scenery including Contentment Falls Spring Cave, Broad River Trail, Camp Toccoa at Currahee, Lake Russell Campground, Homestead Falls, and much more