Retreat at Ragan Park
Closed2800 Masseyville Rd, Macon, GA 31217
Property type
Multifamily
Unit / Space count
144
Price
$7,344,000
Building size
164,800 sf
Rentable area
164,800 SF
Year built
1973
Year renovated
Occupancy
Zoning code
Lot size
33.58 Acres
Sold/status
Sold · Date unknown
Sale price
$7344000
Bedroom count
Property description
Retreat at Ragan Park is situated on +/-33.58 acres and offers spacious one, two- and three-bedroom floor plans. The property wraps around a gorgeous spring-fed lake and features a leasing office, business center, pet play area, 2 swimming pools, lake access with fishing allowed, two racquetball courts, event center & washer/dryer connections in all two- and three-bedroom units. The property is currently 95% occupied and the current owner has renovated 110 out of the 144 total units. The renovation cost for each unit is +/-$4,500 and includes new black appliances, upgraded light package, new outlets, brushed nickel knobs, flooring (carpet & vinyl) and painted cabinets. The Retreat at Ragan Park consists of fifteen, 1973-built, wood frame buildings with mansard roofs. Previous improvements to the property include roof inspections and repairs (summer 2019), PVC plumbing, all residential windows replaced & new HVAC units replaced as needed. Retreat at Ragan Park has maintained strong occupancy with rents that are currently well below market. There is a lot of rental upside through loss to lease burn-off, however an investor could further increase rents with a few minor cosmetic improvements and capitalize on rental income opportunities presented by the spacious event center at the front of the property. Retreat at Ragan Park represents an opportunity to purchase a property well below replacement costs and produce double digit post renovation returns in a steadily improving market.
Property highlights
- Upside through additional Renovations
- Below Market Rents
- Large One, Two and Three Bedroom Units
- Increase Additional Income Through Event Center Rentals
- Increase Revenue by Burning off Loss to Lease