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Bought with University Holdings Brokerage, LLC
$ 10,300,000
$ 11,220,000 8.2%
31,623 SqFt
$ 10,300,000
$ 11,220,000 8.2%
31,623 SqFt
Key Details
Sold Price $10,300,000
Property Type Multi-Family
Sub Type Multi Family
Listing Status Sold
Purchase Type For Sale
Square Footage 31,623 sqft
Price per Sqft $325
Subdivision Downtown
MLS Listing ID 1020905
Sold Date 03/14/25
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1890
Annual Tax Amount $147,655
Tax Year 2023
Lot Size 0.680 Acres
Acres 0.68
Property Sub-Type Multi Family
Property Description
This deal comes with ASSUMABLE non-recourse debt with Fannie at 4.14% that matures 12/1/31. It's on a 30 year AM and has IO until 12/1/26. Loan Balance is $7.467MM (67% LTV).
Farmer's Exchange has been well maintained throughout the years. In 2018, the 300 Building had floors refinished, ceiling height increased and a full interior/ exterior paint. All common area lighting was replaced, a laundry room was added, alongside common area updates to include a pool table, package lockers, study rooms, nest thermostats and updated exterior signage.
Current ownership resealed the flat TPO roof in January 2020 and in 2021 performed a Green Loan update which included adding solar film protective to all windows, adding weather stripping to all doors/ windows and adding low flow shower heads. In 2023, 10 HVAC units were replaced and they also replaced and upgraded the entire fire monitoring system (including electrical and conduit).
Interior unit features include exposed brick and beam architecture, hardwood floors, white wood cabinets, granite countertops, stainless steel appliances and more.
-Incredible Location: This property is adjacent to The University of Georgia and Downtown Athens.
-Assumable Non-Recourse Debt: This property has assumable non-recourse debt with Fannie at 4.14% with IO until 12/1/26 that matures 12/1/31.
-Strong Occupancy and Pre-Lease: Farmer's Exchange is currently 100% Occupied and 92.4% Pre-Leased 24-25 school year.
-Ability to Reduce Expenses: Farmer's exchange currently includes cable in the rent, so stripping this expense for AY 25-26 would save over $7,000 on an annual basis.1. Hardwood Flooring & Exposed Brick and Beam Architecture, 2. White wood cabinets with granite countertops and stainless steel appliances, 3. Nest Thermostats and Electronic Keys / Fob entry, 4. ASSUMABLE DEBT! Adjacent to UGA's campus
Location
State GA
County Clarke Co.
Community Sidewalks
Rooms
Basement Unfinished
Interior
Heating Electric
Cooling Electric
Fireplace No
Exterior
Parking Features Additional Parking, Parking Available
Community Features Sidewalks
Water Access Desc Public
Total Parking Spaces 56
Building
Entry Level Two
Foundation Basement
Sewer Public Sewer
Water Public
Level or Stories Two
Construction Status Updated/Remodeled
Schools
Elementary Schools Barrow Elementary
Middle Schools Clarke Middle
High Schools Clarke Central
Others
Tax ID 171B7-A-001
Financing Other
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